The Business Council of Australia (BCA) is lobbying the government to reduce company tax rates in half, with the cost covered by a hike in GST.
The council is also seeking tax on capital gains and interest income to be slashed by 15 percent.
BCA president Greig Gailey said the reforms would help with economic growth.
“Our ambition is to be the best place in the world in which to save and invest. That is why we are calling for a tax system that better supports economic growth.”
The BCA’s submission to the Henry review cites US-based research showing that a 10 percentage point cut in the company tax rate would lift annual economic growth per capita by 1.8 percent.
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