Future company income tax returns
Background
We are reviewing the information we currently request from customers and how we collect it. This consultation document seeks feedback on our proposals to change the information collected from companies and the way we collect it.
We are asking for your comments to see whether we can design a new income tax return that is easy to complete and gives us the right information in an electronic format.
What are we proposing?
Our proposed changes reduce the reporting requirements for the majority of companies. In particular, smaller businesses will be required to provide significantly less information.
Given that large companies contribute a substantial proportion of the tax revenue, we consider that more comprehensive information is required from them relative to small and medium businesses.
We propose to:
- rationalise the income tax forms we require you to complete, including the Company income tax return (IR4), Annual imputation return (IR4J), Accounts information (IR10) and other related forms and disclosures
- tailor information requirements to different sized companies to reduce overall compliance costs for most companies
- rely more on financial information compiled by companies for financial reporting purposes
- enhance electronic filing systems to reduce common errors and move to mandatory electronic filing by 2010/2011 tax year.
Consultation
We welcome and encourage you to share your views and work through any practical implementation issues with us.
Read the Future company income tax return consultation document to participate.
Date published: 18 Jul 2008
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