SYDNEY, Aug 6 (AFP): Australia has launched the most comprehensive review of its tax laws in more than 50 years as it bids to make them simpler and more globally competitive, Treasurer Wayne Swan said today.
The government was serious about the "modernisation of our tax and transfer payment system," Swan said as he released a tax discussion paper.
"So much has changed in Australia since the war: globalisation, the rise of new information technologies,
population ageing, climate change-all of these challenges demand a comprehensive review of our tax system," he said.
The paper is the first step in a review to simplify Australia's complicated taxation system, which includes at least 99 federal taxes, 25 state government taxes and one local government tax.
It suggests that the tax structure could discourage foreign investment in Australia at a time when the government is pushing to make the country a financial hub for the region.
Sydney launches biggest tax review in 50 years
FE Team | Published: August 07, 2008 00:00:00 | Updated: February 01, 2018 00:00:00
Share if you like