Jon Stow asserts that the introduction of XBRL for filing purposes amounts to a form of stealth tax:
The effect of the new requirement for XBRL format is to transfer further costs to taxpayers. The increase in software costs for tax agents will either have to be passed on to clients or the agents will have to bear them. No doubt the specialist tax software providers will have their developers working furiously to be ready for 2011 and they will need to charge the end user. Unfortunately the change will amount to a stealth tax
This is very much a case of a regulatory update. There should be no charge for the update under the supplier’s maintenance agreement. If the software supplier decides to charge then make sure you’ve read the terms very carefully and are in a position to negotiate.
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- Mandatory XBRL filing for tax in the UK? Absurd! (derek.abdinor.co.za)
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