‘Nuisance tariffs’ – abolishing them gives some insight into making our other taxes more efficient
On 11 March 2024, the Government announced that it would abolish almost 500 tariffs from 1 July 2024. Their compliance costs often exceed the revenue collected. Many do not collect more than $100k pa. And, yet, they affect $85b in trade. This approach can teach us about simplification of the tax system in other areas.…