The report, published on 17 July, specifically highlights business rates as a cause for concern for entrepreneurs.
According to MP for York Central Rachael Maskell, the hospitality sector alone is believed to be “overpaying” on rates to the tune of £1.8bn.
The document's recommendations include regular evaluations of tax reliefs by the Treasury and improving awareness of business support by including tax relief information with HMRC correspondence.
The report concludes: “It is vital that, as Britain leaves the European Union, we are one of the best places in the world to start and grow a business.
“Getting tax policy right is key to creating a business environment that fosters entrepreneurship. Tax reform can deliver faster economic growth, boost employment and raise wages.”
In response to the report’s publication, UKHospitality chief executive Kate Nicholls said: “The report identifies considerable flaws in the current tax system and calls for a complete overhaul; something that we have consistently called for.
“The current system of business tax is completely out of date and totally unsuitable for the realities of doing business in the 21st century.
“Arguably, the principal challenge facing employers in the hospitality sector remains business rates, which have not been reformed despite promises in successive manifestos.
“The report suggests the transformation of business rates into a tax on commercial landowners and on land rather than property, which would begin to address some of the imbalances in the current system and help reduce the unfair burden that hospitality businesses face, particularly affecting investment.
“Crucially, the Government needs to accept there is a problem, acknowledge the creative solutions being presented and facilitate a formal review with businesses to find a workable solution.”
The report can be read in full here.