Government 'should make urgent business changes'

News Article - 08 March 2007
Category: Business

A greater sense of urgency is needed from the government when dealing with the requirements of business, it has been claimed.

The chief executive of the Institute of Chartered Accountants in England and Wales (Icaew), Michael Izza, has recommended that the government reviews various business-related measures, such as policies on corporation tax.

"The success of UK business is not just about the interest of the few, but about the quality of life and future of millions of employees, their families and consumers in general," he said.

"In their interest, government must grasp the obvious opportunities to increase UK productivity year-on-year."

Mr Izza suggests that the government looks at how its skills policy is working with business and overhauls its tax procedures to make them simpler.

In addition, Icaew states that the exemption system should be adopted for the taxing of foreign profits as the 30 per cent corporation tax headline rate appears expensive when compared with those of other European countries.

As the tax year comes to an end, Kevin Nicholson, UK head of entrepreneurs and private businesses, PricewaterhouseCoopers LLP, is advising companies to review their tax positions and make sure their books are in good order.

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