Tax Merger Urged
The incidence of social security income tax on the lower income groups is quite marked, says the report of the Taxation Review Committee tabled in Parliament last week. It recommends that the existing ordinary income tax and social security income tax should be merged into one tax to be known simply as “income tax.” The report says that the existence of two taxes on income, one at a flat rate and the other on a graduated scale, is an inhibiting factor in any redesign of the taxation structure. Both taxes are now paid into the Consolidated Revenue Account and in the opinion of the committee justification for two separate taxes on income no longer exists. A complete merging of the two taxes would pave the way and, in fact, is essential, for greater streamlining and simplification of the taxation system. There would also be economies in administration and collection, both within the Inland Revenue Department and outside.
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Bibliographic details
Press, Volume CVII, Issue 31520, 7 November 1967, Page 14
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160Tax Merger Urged Press, Volume CVII, Issue 31520, 7 November 1967, Page 14
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