The Federal Government’s policy prescriptions as a result of the Henry Tax Review show “No commitment to serious tax reform” concludes Tax Counsel for the Institute of Chartered Accountants, Yasser El-Ansary.
The Institute of Chartered Accountants has labeled the Government’s response to the Henry Tax Review as “timid”, however Tax Counsel for the Institute, Yasser El-Ansary welcomes the framework and potential for further reform based on Dr Ken Henry’s review.
“The overarching objective of Dr Ken Henry’s review into Australia’s Future Tax System was to build a stronger, fairer and simpler tax system to meet
the challenges that lie ahead. While Dr Henry has delivered on what was asked of him, the government has only addressed a handful of the review’s
138 recommendations.”
“The government’s initial response today could be mistaken for a series of budget announcements rather than a more strategic outlook for serious tax
reform in Australia.”
“There is clearly a lot more work for the government to do in mapping out a tax reform agenda for the decades ahead; today was certainly a start, but it
didn’t go far enough in meeting our expectations,” he said.
“One positive from today is that for the first time Australia has a tailor-made reform agenda – In the form of Dr Henry’s report – which will strengthen Australia’s tax system and the broader economy over the decades ahead.”
“What we need to see in the next few months is a firm commitment by the government to address as many of Dr Henry’s recommendations as possible.”
“Today’s response includes some good news for over 2.4 million small businesses and millions of Australians saving for their retirement, although
it must be remembered that the benefit of these changes will not be seen for a number of years,” Mr El-Ansary said.
