Business today called for a broad review of fundamental aspects of the tax system that pose major threats to Australia’s future prosperity while proposing a series of reforms to address immediate problem areas.

Releasing the Business Council of Australia’s Taxation Action Plan for Future Prosperity, BCA President, Mr Hugh Morgan, said Australia could no longer ignore the need for major tax reform when the structure of the current system would increasingly undermine Australia’s future sources of growth and competitiveness.

“As with business, economies are in competition with each other. Governments cannot be wedded to tax structures and rates without considering their impact of their economy’s competitiveness internationally,” Mr Morgan said.

Taxation Action Plan for Future Prosperity

Governments Must Target Tax System for Fundamental Reform (news release)