Taxes too high: CSL

Townsville Bulletin - - NEWS -

AUS­TRALIA needs a more com­pet­i­tive cor­po­rate tax rate if it is to se­cure more in­vest­ment in ad­vanced man­u­fac­tur­ing, says biotech CSL. Chief fi­nan­cial of­fi­cer, Gor­don Nay­lor, says Aus­tralia has a well ed­u­cated work­force and strong re­search in­sti­tu­tions, but the cor­po­rate tax rate is too high. “One of the most sig­nif­i­cant im­ped­i­ments to Aus­tralia’s com­pet­i­tive­ness, at least as a lo­ca­tion for ad­vanced man­u­fac­tur­ing for ex­port mar­kets, is its high cor­po­rate tax rate, fully three times that of some other ju­ris­dic­tions,” he said. CSL sug­gests that Aus­tralia should adopt a tax rate of 10 per cent for ad­vanced man­u­fac­tur­ing.

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