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“Simplicity, Clarity and Consistency on Indirect Taxes Can Improve the UK

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“Simplicity, Clarity and Consistency on Indirect Taxes Can Improve the UK Indirect taxes: Improving the business environment at no cost to government Policy briefing No # 7 Indirect taxes – which include VAT, excise duties, environmental taxes and stamp duties – are mainly collected rather than borne directly by businesses. But collecting these taxes on behalf of the government brings with it compliance burdens and complexity, which the government should try “Simplicity, clarity and and minimise to allow businesses to maximise the time and money they can spend doing business. consistency on indirect By using the 2016 Business Tax Roadmap to provide simplicity, clarity and consistency on indirect tax for the taxes can improve the parliament, the government can improve the business environment by minimising the costs to business associated with collecting taxes on goods and services. These goals can UK business be achieved at no fiscal cost to the government – ensuring stability in these important revenue streams in a period of environment at no cost deficit reduction. Simplicity to the Exchequer” Through simplifying tax collection, rates and regulation the government can ease the business compliance burden associated with indirect taxes. Clarity Regular and surprise changes to indirect tax rates are unhelpful because they add to business uncertainty and to business cost due to the updates required to systems and prices. Consistency A consistent approach to indirect taxation can allow the government to meet its environmental policy goals while minimising economic distortion. Comprehensive Business Tax Roadmap: Improving the business environment at no cost to government Designed well, consumption taxes government spending on public services, can make a consistent contribution particularly in a recession. to the exchequer, with less distortion than other taxes Consumption taxes tend to be less distortive than alternative means of raising revenue International tax literature finds that consumption Consumption taxes make a large and taxes are less distortive than income tax or consistent contribution to the exchequer corporation tax, which tend to reduce incentives Most indirect taxes are consumption taxes. to invest, innovate or work.1,2 An OECD tax and Consumption taxes include VAT, excise duties growth study found that a switch away from and most environmental levies. In 2015/16 corporate and personal income tax towards consumption taxes are expected to raise £175bn property and consumption tax would be expected in tax revenue. This will amount to 28% of all tax to lead to higher long-run GDP per person revenue which is more than government spending (Exhibit 2)3. Furthermore, an increased reliance on health and education combined (Exhibit 1). on consumption taxes is not necessarily associated with more inequality4. Exhibit 1 Revenue from consumption taxes compared with government spending 2015/16 Exhibit 2 Estimated effect on long-run GDP 180 per person per 1% change in tax share 160 Environmental taxes Other property taxes 140 Alcohol and 120 tobacco duty Recurrent taxes on immovable property Health 100 £bn Consumption taxes 80 60 VAT & Insurance Premium Tax Corporate income taxes 40 Education 20 Personal Income tax 0 0 -2 -1 0 1 2 3 Taxes Current spending Source: CBI analysis of Table B.6, Annex B: Tax and Growth Source: CBI analysis of OBR autumn statement economic and Study, OECD (2010). fiscal outlook – November 2015 and HM Treasury Spending review and autumn statement 2015 Given the reliable role consumption taxes play, with less economic distortion, this paper focuses Unlike other sources of tax revenue which tend to on how to improve the business environment be pro-cyclical (i.e. decline proportionally more in a through a reduction in the business compliance recession than the overall economy), consumption burden and increase in simplicity, certainty and taxes tend to hold steady as a share of GDP over consistency in indirect taxation, while maintaining the economic cycle. Consumption taxes therefore the Exchequer revenue from these important play a vital role in providing consistent support to revenue streams in a period of deficit reduction. 1 United Kingdom policies for a sustainable recovery, OECD 4 Countries such as France, Germany and Sweden raise a (2010). higher proportion of taxes through consumption taxes and have 2 The role of tax policy in times of fiscal consolidation. Economic lower inequality than the United States which relies more on papers 502, European Economy. Princen and Mourre (2013) income taxes. 3 Annex B: Tax and Growth Study, OECD (2010) 2 Comprehensive Business Tax Roadmap: Improving the business environment at no cost to government Simplifying the administration of Netherlands and the UK – would supercharge the UK and European VAT can improve EU single market for start-ups, small and growing the business environment businesses and entrepreneurs. But some EU member states currently have zero-VAT Clarity of UK VAT rules will improve business thresholds, making an EU-wide common threshold tax compliance and exchequer revenues unaffordable at this level – particularly in In order to assist businesses of all sizes with their constrained fiscal times. A lower single threshold is compliance obligations, HMRC’s published VAT therefore more realistic in the short term and a guidance should be updated and clarified to reflect worthwhile pursuit. real-life business examples, providing more detail and more closely aligned to commercial practice. “The benefits of the European single Guidance should also set out the policy objective market can be enhanced through a and intention of the legislation to assist with common VAT threshold below which interpretation. HMRC can improve tax compliance through guidance that is more binding, better sign- sellers of all goods and services, including posted, and less fragmented to give businesses digital sales, are exempt.” greater clarity of their tax obligations. Where there are disputes, HMRC should look to take a practical As an alternative to fully harmonised rules across approach where investigations are proportional to the EU, consideration should be given to whether the size of the dispute in question. This would both suppliers could follow the VAT rules in their maximise returns to HMRC and reduce business country of establishment regarding issues such as administrative and legal costs. invoicing, record retention and auditing. These are the rules that small businesses will be familiar with Given that businesses – especially SMEs – need and therefore most able to comply with. More time to invest in new systems to comply with generally, simpler rules will make it easier for all updates to legislation, the government should business to comply, improving the business ensure that tax legislation in the VAT space is environment and allowing business leaders to implemented at a measured pace. More realistic focus on investment, innovation and growth. timescales would also allow government to realise European Commission analysis finds that even a potential issues before they escalate. purely administrative measure such as the simplification of EU invoicing rules could save UK business up to £2.2bn a year.5 Harmonisation of VAT rules at European level can help to supercharge the single market A single ‘mini one-stop-shop’ (MOSS) – which The European single market is the world’s largest allows for a single VAT payment to cover all cross- area without tariffs and customs barriers and with border transactions by a firm within the EU – can some common product market regulations. Access significantly improve the business environment for to this market therefore provides opportunities for UK exporters. UK firms to scale up and take the first step towards exporting at minimal cost. UK business welcomes the introduction of a MOSS as an important first step. Before extending the The benefits of the European single market can be MOSS concept further, there are a number of enhanced through harmonised VAT rules (not enhancements and simplifications required to including rates) under the new destination principle resolve shortcomings in the current system and and a common VAT threshold below which sellers make it as simple and easy to use as possible. of all goods and services, including digital sales, HMRC needs to provide clearer guidance on what are exempt. An EU-wide VAT threshold – aligned scale of business needs to register for MOSS. with the maximum €100,000 permitted by the EU For example, some traders have been informed and existing thresholds in Germany, the they do not make sufficient regular sales for VAT 5 CBI analysis of EU paper “REFIT Platform” Stakeholder saving that the European Commission estimates from suggestions, Taxation and Customs union (2016). £2.2 billion is “Suppressing additional requirements on invoices and enabling the proportional UK saving from the €18 billion a year EU wide wider use of electronic invoicing” 3 Comprehensive Business Tax Roadmap: Improving the business environment at no cost to government purposes, despite initial guidance suggesting a It is therefore disappointing that Insurance strict zero threshold.6 Premium Tax, which was also increased at the same time as VAT in 2011, saw a further rate The MOSS should also be supported by an easily increase to 9.5% announced at the summer accessible and user-friendly database setting out budget 2015. This pushes up costs for healthcare comprehensive information on the different VAT insurance products and employee benefit rates and rules across EU member states.
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