30/03/1999 - 22:00

Tax change will create hub

30/03/1999 - 22:00

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THE Australian Stock Exchange believes tax reform can make Australia the financial hub of the Asia-Pacific region.

Tax change will create hub
THE Australian Stock Exchange believes tax reform can make Australia the financial hub of the Asia-Pacific region.

In its submission to the Senate Select Committee on a new tax system, the ASX said a GST would allow Australia to remove the heavy tax burden on financial transactions.

ASX managing director Richard Humphry said the abolition of indirect taxes should be a priority.

He said indirect state taxes placed a harsh burden on ordinary citizens in their day to day financial transactions, unduly added to capital costs and severely impeded Australia’s role as a regional finance centre.

Mr Humphry said Australia could become a centre through abolishing marketable securities and financial institutions duty, lower tax on capital gains, changes to encourage venture capital and lower company tax.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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