"The OECD has urged the Treasury to launch an in-depth tax review to make the tax system more efficient and growth-friendly, arguing that decades of tinkering have left Britain with a patchwork of distortions, loopholes and outdated valuations that penalise enterprise and deter investment."
"At the heart of the OECD's recommendations is a call to broaden the VAT base, stripping out a thicket of reliefs and exemptions that economists describe as largely inefficient and regressive."
"The OECD notes that council tax bands still rest on property valuations taken in 1991, a state of affairs no government has dared to touch for fear of triggering a political backlash among homeowners."
The OECD has urged the UK Treasury to conduct an in-depth tax review to enhance efficiency and growth. The current tax system is described as a patchwork of distortions and outdated valuations that hinder enterprise and investment. The OECD recommends broadening the VAT base by eliminating inefficient reliefs and exemptions. Additionally, it criticizes the outdated council tax bands based on 1991 valuations, which do not reflect the current housing market. The OECD suggests using additional revenue from closing loopholes to support low-income households.
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