Australian Treasurer Peter Costello indicated yesterday that a tax row between federal and state governments concerning the phasing out of indirect taxes is nearing an end after most state governments have agreed to stick to a deal struck in 1999.
Under the deal, state governments agreed to phase out indirect taxes in return for receiving a guaranteed share of the revenues from the goods and services tax, which was designed to replace the existing system of indirect taxes.
However, some states have been less keen to abolish these taxes than others.
"Some of the states have agreed to abolish these taxes and uphold the agreement," Costello told Melbourne radio station 3AW on Wednesday.
"I haven't heard from all of them yet but the signs are very positive," he added.
Costello has warned that the uncooperative states could face "serious consequences" if they do not uphold their end of the bargain.
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