Shadow tax plans to be examined by PwC

News Article - 20 October 2006
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PricewaterhouseCoopers (PwC), one of the big four tax advisory companies, has been drafted in by Conservative shadow chancellor George Osborne to examine business tax plans.

The details, set out in the Tax Reform Commission's report, will be scrutinised by the company, which will also brainstorm how a Conservative government could originate simpler business taxation systems.

Mr Osborne said: "I think there is a strong case for a major simplification of business taxes that would pay for a significant reduction in our business tax rates."

The Association of Chartered Certified Accountants' head of tax, Chas Roy-Chowdhury, told Accountancy Magazine: "A system based on accounting profit sounds simpler and will be appealing to businesses. Any hint of reduction in red tape is travelling in the right direction."

According to the Tax Reform Commission, greater understanding is needed of the ways in which taxation affects economic growth. It states that both personal and business tax should be reduced and simplified and that there should be one rate of corporation tax of 20 per cent.

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