7 August 2000

The Business Coalition for Tax Reform (BCTR) released the following statement after its meeting in Melbourne this morning:

“The meeting was addressed by the Federal Treasurer, Mr Costello, who announced that the Government would shortly establish a Board of Taxation to be headed by Mr Dick Warburton.

“The BCTR is a strong supporter of the establishment of a Board of Taxation to improve the quality of Australian tax law and facilitate consultation with the business community.

“The Treasurer identified that a key task for the Board is to undertake detailed consultation on the Tax Value Method (Option 2) and to identify the appropriate education tasks that would be presented by its adoption. The Treasurer indicated that consultation should be comprehensive and that the process should not be constrained by a deadline of July 1, 2001.

“The BCTR resolved to maintain an active interest in the on-going process of tax reform in view of the substantial issues which must be addressed before tax reform can be judged to be complete.

“In view of his appointment as Chairman of the Board of Taxation, Mr Warburton resigned as Chairman of the BCTR.

“Mr Warburton has provided outstanding leadership for the BCTR, and has made a significant and enduring contribution to the reform of Australia’s outdated taxation system.”

The BCTR comprises 40 industry associations representing all sectors of the economy. It has been and continues to be a firm supporter of the Government’s tax package.

Media contacts:

Mr David Buckingham

Executive Director

Business Council of Australia

(0419) 004 200

Mr Mark Paterson

Executive Director

Australian Chamber of Commerce and Industry

(0419) 215 037