Java Man
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Telling Trouble on Tax

The government's shift on its proposed capital gains tax - to what has been described as an 'asset tax' - has not, yet, mollified everyone concerned. The problem with tax is that its damn complicated. Doing things quickly and haphazardly increases the chances of messing it up.

Choice quote:

"It is an asset tax. That is a major structural change and it will not sit easily in the Income tax Act. It will be complex and they are doing it in haste, which means it will not work. There will be loopholes for Africa."

 

It was also a corruption of the tax lawmaking process, Sheppard said.

 

"This is just dressed up urgency, and the last time we had tax law made under urgency was in Muldoon's day."

Hmmm - not a nice comparison. Full article here: go look.

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