Institute urges government to rethink tax reform proposals
Government proposals aimed at simplifying corporation tax calculations and returns for smaller companies are likely to cause confusion and make accounts more opaque, the Institute of Chartered Accountants of Scotland has warned.
A Treasury discussion document published in the pre-Budget Report last November, which closed for responses last week, suggested that small companies might base their statutory accounts on tax rules rather than generally accepted accounting principles, or might be taxed by reference to cash flows rather than profits.
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