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BCTR backs Costello against the most inefficient state taxes

Thursday 29 March 2007

The Business Coalition for Tax Reform (BCTR) is calling on the States to put abolition of stamp duty on commercial property back on their agendas. Stamp duty on commercial property conveyances is an increasing proportion of State and Territory revenues despite commitments made under the original Intergovernmental Agreement (IGA). The Treasurer, the Hon Peter Costello MP, last week called for the States to honour the 1999 IGA on tax at the Treasurer’s meeting in Canberra tomorrow.

Speaking on the eve of the Treasurers’ meeting, John Stanhope, the BCTR’s Chairman said,

“The states and territories are getting more GST than ever before and yet…commercial conveyancing stamp duty abolition seems to have slipped off the radar.

It has been two years since the 2005 IGA review found that the GST was creating enough revenue to cover the cost of abolition.

In the interim, the GST windfall has only increased.

We cannot afford another missed opportunity.

The States should commit to a timeline for the abolition of commercial conveyancing stamp duty as soon as possible.”

About the BCTR

The Business Coalition for Tax Reform is a coalition of business groups seeking to promote a more efficient and robust taxation system for Australia. BCTR members share a common vision: to create and implement a tax system that enhances business competitiveness and fairness, and assists in creating a business climate conducive to investment, growth, job creation and private saving.

Contacts:

John Stanhope, Chair, BCTR through Stephen Morrison on (03) 9632 3701.



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