Australian Assistant Treasurer and Minister for Competition Policy and Consumer Affairs, Chris Bowen, has announced that the government will retain the office of the Inspector-General of Taxation (IGOT) as a separate independent statutory office.
“After consulting with the accounting and legal professions, the government has decided that the transfer of the IGOT’s functions to another agency would not be appropriate,” Mr Bowen stated.
“The IGOT plays an important role in ensuring high standards of tax administration for Australian taxpayers. The best way to ensure the IGOT’s work is not hampered in any way is to retain the IGOT’s status as a separate stand alone body," he added.
According to Bowen, the announcement will provide certainty to the accounting and legal professions, and to taxpayers.
The amalgamation of the IGOT into an existing agency to save on overhead costs was announced as part of Labor's AUD3bn Savings Plan, announced on March 2nd, 2007 with the aim of saving AUD6.6mn over four years.
“The government is committed to a savings strategy as part of our five point plan to put downward pressure on inflation and the government will have more to say on savings on Budget night,” Bowen concluded.
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