CBI: Tax and Regulation Revamp Required
While the financial services sector has transformed dramatically in the last few decades, taking advantage of the technological power of the fourth industrial revolution, tax and regulation has been slow to catch up.
This week a report by the UK’s CBI (Confederation of British Industries), Funding Our Future, called for a fresh regulatory and tax approach to deal with the challenges and make the most of the opportunities of a rapidly transforming tech landscape.
Government encouragement for Fintech firms needs to be matched by fit-for-purpose regulation. Amongst other proposals, the CBI is suggesting new mechanisms to scrutinise regulations and taxes, a cross-sector Fintech hub to share best practices and knowledge and more international regulatory policy coherence.
From the perspective of this industry body, the right tax and regulatory framework will help firms grow and innovate, taking full advantage of the rapid pace of technological change while mitigating risks for individuals and the economy.
Read more here.