Source: Taxation In Australia Journal Article
Published Date: 1 Sep 2016
The Henry Review's final report, Australia's Future Tax System " Report to the Treasurer (2009) recommended reduction of the corporate income tax rate from 30% to 25% in the short to medium term with the timing subject to economic and fiscal circumstances. This paper considers how such a reduction will impact the Australian economy, including its impact on revenue, regional tax competition and the disparity between the corporate income tax and personal income tax regimes. The authors conclude that the reduction will necessitate trade-offs between the principles of a good tax system, including horizontal equity and simplicity. The reduction would produce a significant gap in government revenue. While some economic gains are expected, there remains uncertainty as to when and how much this will cover the loss of revenue and how any shortfall may be funded.
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