Dr Ken Henry, chair of Australia's Future Tax System Review Panel and Secretary to the Treasury has said that the country may need to cut its company tax rate and amend its dividend imputation system to encourage economic growth and remain competitive.
The Tax Review Panel, established by the Government at last year's Budget, is part way through a review that the Treasurer has described as the most comprehensive review of the Australian taxation and transfer system, including state taxes, for at least the last 50 years.
Mr Henry has proposes funding a cut in company tax by reducing or removing dividend imputation - a move which would see investors in Australian companies lose their right to pay little or no tax on the dividends received during periods where full company tax rates are paid.
Australia and New Zealand are amongst only a very few countries with an active dividend imputation scheme.
Henry's tax review will run until May.
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