Institute calls for simpler tax code
THE TAX code needs to be simplified to allow small and medium enterprises to maintain their business, an Oireachtas committee was told yesterday.
The Irish Taxation Institute (ITI) told the Oireachtas Joint Committee on Economic Regulatory Affairs that small businesses were spending an average of one-and-a-half days per month organising their taxes while some 30pc of medium businesses spent up to three days a month on them.
The ITI's director of technical services, Cora O'Brien, said the lack of a streamlined tax policy was a major problem for small business.
"In the UK, the tax form starts at four pages long and builds from there. The bigger the business, the more paperwork is required," she said. "We would also like to see the Revenue Commissioners highlight common errors made when filling in their returns."
"Around the world the revenue are proactive in working with business, whether it is through workshops for business owners or spending time with businesses and helping them understand the tax code, as they do in Australia. We would like to see similar schemes run here."