Benefits of Investing
Why the Private Sector Should Invest in TAFIC
Private Sector firms have a major interest in a well-designed and effective system of taxes, tax expenditures and fiscal incentives for the following reasons:
- A competitive tax system will lead to increased sales, especially into export markets;
- A more rational system of personal taxes and incentives will lead to more motivated employees and a greater pool of available labour;
- A more efficient system of taxation, with lower compliance costs, will result in higher profits;
- A more efficient system of taxes and incentives would lower government costs, leading to lower future corporate tax rates.
As a member of TAFIC, private sector firms will:
- have a venue for frank, in camera dialogue with business and government representatives where members can set priorities, learn from each other, test reform proposals, and benchmark proposed reforms against peer countries.
- lead the dialogue to simplify the tax system to improve firm-level competitiveness, reduce compliance costs, and make the system equitable across industries and the country.
- support and review the rigorous and balanced research required to develop an equitable, efficient, and transparent system of taxes and fiscal incentives. Such research can improve the quality of policy-making and decision-making required for tax reform.
- have exclusive access to detailed findings of the Centre’s research, and receive final summary research reports before they are released publicly.
Private sector investment in TAFIC will help build a strong business alliance in support of a modern and competitive system of taxes, well-designed priority tax expenditures, and fiscal incentives. Selected professional organizations representing the interests of business individuals and firms will also be invited to join TAFIC.
Public sector members will be invited to join TAFIC once a critical mass of private sector members is established. Access to a network of business and industry leaders, and evidence based research on tax reform will enable public policy makers to efficiently consult with business, model proposed tax reforms and measure effectiveness against other countries’ tax systems.