The Australian Federal Treasurer Peter Costello, has knocked plans announced by Labor to crack down on tax avoidance in order to increase government revenues if they are elected.
Simon Crean, the Shadow Treasurer, announced recently that by allowing the ATO more resources to attack aggressive tax planners, corporate tax evaders, and wealthy individuals, a Labor government could reap an extra $310 million in taxes.
However, Mr Costello reacted sceptically, pointing to Labor's vow to collect an extra $800 million from high net worth Australian citizens prior to the 1996 election. 'I can tell you nobody is more interested than me in seeing where this one was thought up,' he responded. 'I will go back through all of the advices that we've had from the Australian Taxation Office in relation to these matters, and I will scrutinise every last dollar of that because that $310 million doesn't exist.'
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