Wednesday, September 21, 2011

PM Julia Gillard Flags a Business Tax Shake-Up

After receiving criticisms against her government, Prime Minister Julia Gillard vows to bring new flexibility into the tax system.

Just last night, Julia Gillard made more changes to business tax rules in response to calls for the reduction in company tax from 30 per cent to 25 per cent.

Although Gillard did not give specific details as to the changes, she wants delegates during next month’s two-day forum in Canberra to discuss options for a tax system that would better support businesses.

According to Gillard during the Australia Industry Group dinner in Canberra, the aims of the changes include "removing distortions, lifting barriers, delivering flexibility ... (and) encouraging enterprise."

Though Gillard does not share the values of British Prime Minister, Margaret Thatcher, she quoted the latter by saying, “there is no alternative”.

The keys to boosting economic growth in the non-mining sector include lower company tax rate, reduced red tape, and greater focus on entrepreneurship.

"We need to keep investing in and developing our skills and capabilities. The Australian economy is at a turning point. We are paying for a lack of emphasis and effort given to lifting productivity over many years,” he said.

According to the Prime Minister, "no system of policy settings is more central to business planning than business tax."


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