Complex tax systems allow for avoidance, evasion and expensive administration costs to both the public and private purse. At the recent G8 summit, the UK placed tax compliance as one of the most important issues facing the world today.
Our fiscal system is in need of serious and sincere reform and revision. The UK borrows a third of its annual budget and the revenue raised for the remaining two thirds is secured from taxes on our economy, all while expecting growth in this area.
Land Value Taxation (LVT) offers a best of both worlds approach, generating government revenue without taxing economic growth. In the backdrop of international financial crisis, many feel that LVT is an idea whose time has come.
