In a recent speech, the Assistant Treasurer indicated that the Government was not in a position to lower the current id=”mce_marker”,000 “Low Value Import Threshold” for GST and duty.
In its Interim Response to the Low Value Parcel Processing Taskforce’s Report, the Government announced that consistent with the recommendations of the Taskforce, it would begin preparing business cases and possible implementation plans for reforms to low value parcel processing. Mr Bradbury said until these business cases and possible implementation plans for reforms have been prepared, and the costs associated with any possible changes have been determined, no decision could be made regarding the lowering of the threshold. He said the Taskforce’s detailed report made clear that there were no simple or quick solutions to this issue. “There is no point having a system where the cost to taxpayers of collecting the GST on low value parcels would outstrip the revenue that is collected”, the Assistant Treasurer said.
Source: Assistant Treasurer’s address to Retail Leaders Forum, 6 March 2013
[LTN 48, 12/3/13]