Sun. Oct 20th, 2019 | NFL News

interspacereporter.com

News from around the world

Sajid Javid will 'simplify' the tax system in first Budget

2 min read
logon - Sajid Javid will 'simplify' the tax system in first Budget

Image copyright
EPA

Chancellor Sajid Javid has said he wants simplify the tax system ahead of his Budget in the autumn.

In his first interview since becoming Chancellor, Mr Javid told the Times he was a “low tax guy” but said it was important to “always be thinking about the lowest paid”.

He added that maximising revenue “doesn’t always mean that you have to have the highest tax rate possible”.

The chancellor also said he was considering changes to stamp duty.

When asked about taxes for higher earners, the chancellor said people would have to wait for the Budget.

“I think taxes should be efficient,” he said.

“Generally I want to see lower taxes, but at a level that is going to pay for the public services.”

Mr Javid said he was still thinking about whether changes might be needed to the government’s current long term plans of eliminating the deficit by the mid 2020s.

“It is obvious to me that when you’ve got some of the lowest rates on government debt this country has ever seen I wouldn’t be doing my job if I wasn’t thinking seriously about how do we use [that opportunity],” he said.

In June, Prime Minister Boris Johnson outlined plans to raise the threshold for the higher rate of income tax from the current threshold of £50,000 to £80,000.

In response, the Institute for Fiscal Studies said Mr Johnson’s tax proposals would cost “many billions” and benefit the wealthy the most.

Speaking to the newspaper, Mr Javid said the Treasury would consider whether to make changes to the fiscal rules ahead of the Budget – but that he had not yet decided whether to hold it before 31 October, the date that the UK is expected to leave the EU.

He also warned that a no-deal Brexit might require what he termed “a significant economic package as a response”.

Do you have a view about this post? Leave a comment on our Facebook page

Credited Source link