The Great Debate UK
The cost of tax collection in the UK is almost 20 billion pounds per annum, according to a recent report from Britain’s Institute of Economic Affairs, a free-market lobby group.
The amount reflects the cost of compliance and administration as well as Britain’s handicap of having the longest tax code in the developed world, co-authors Francis Chittenden, Hilary Foster and Brian Sloan write in “Taxation and Red Tape”.
“The authors believe that the cost of tax-related red tape to businesses could be reduced by about 5 billion pounds,” says Philip Booth, editorial and programme director of the IEA, which published the research.
“This may not sound a lot but the burden of tax compliance on small businesses is disproportionately large. This burden remains hidden from public view but the costs are very real.”
In “Verdict on the Crash” we argue that government failure and not market failure is responsible for the collapse in financial markets.