The Business Tax Working Group has released a Consultation Guide to provide stakeholders with an understanding of how the Working Group plans to involve the community in its consideration of business tax reform.
The Government has asked the Working Group to focus its attention on how a revenue neutral cut to the company tax rate might be funded from within the business tax system. The Working Group has settled on a timetable for public consultation and will provide a final report to the Treasurer setting out its views in December 2012.
A Discussion paper expected to be released in late July 2012 will, among other things, focus on:
- an overview of the potential benefits to the economy as a whole from business tax reform, focusing on a company tax rate cut;
- a range of potential offsetting base broadening options that might contribute towards funding a cut to the company tax rate.
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