Tax Man, Show Mercy
Tuesday, December 12, 2006
The government has often expressed a wish to spare us stressful and pointless red tape.
There is a clear case that affects a great many people. I am referring to having to declare interest on bank accounts in tax returns. Many simple folk only have trivial amounts of bank interest, which don't even cover inflation on their deposits. But the tax people demand that the silliest amounts be tracked down and declared. For many people this is the only complication on their tax. So it would be a kindness indeed if tax rules were altered so that anyone with less than $100 interest for the year need not declare it.
Philip O'Carroll