Aussies to cut 30% corporation tax rate

Australia’s government will announce a cut to the 30% corporation tax rate
this weekend.

A report by The Herald
newspaper said the reduction would be introduced over time
to minimise the impact on the country’s upcoming May Budget and election later
this year.

Australian prime minister Kevin Rudd is to have agreed to cut the rate to
boost the country’s global competitiveness, the publication said.

The cut is not applicable to the mining industry which could see its profits
hit by an increase in tax. Treasurer Wayne Swan hopes to increase revenues by
A$7bn (£4.24bn) with a mining tax increase, adding to the A$20bn it already
receives from this sector.

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