Chance to fix tax in the emerging world

WE have a magnificent opportunity to reform the tax system. Not simply to make it better in general terms, but to design it specifically for the world emerging in this new century.

Now it's always a dangerous vanity to assume you can predict the future. But it's not unreasonable to suggest that China and its economic growth are going to be front and centre of developments over the next decade or two.

All sorts of developments. Whether we are thinking China as the benefactor continuing to enrich the "Lucky Country", or as the planet-killer turning our coal and iron ore into carbon. In more ways than one, it might be said: I have seen the future, on my TV last night.

I'd suggest we've never previously had the opportunity to see quite so, if you'll pardon the word in this context, clearly into the future before. And certainly not at those points in our history of great tax change.

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