The Chairman of the Board of Taxation, Mr Dick Warburton, today announced the release of the Board’s report to the Government on its evaluation of the Tax Value Method. The Government’s response to the report was announced by the Treasurer on Wednesday, 28 August 2002.
Mr Warburton noted that the report and Government’s response represent the culmination of a very comprehensive community consultation and evaluation process; a process which in some ways was path breaking in terms of the way in which it was conducted and the sort of information it generated. It was a process, moreover, that was warmly endorsed by all participating stakeholders.
The Government’s decision to accept the Board’s recommendation not to proceed with the TVM brings official closure to this recommendation of the Ralph Review of Business Taxation.
Mr Warburton thanked all stakeholders for their efforts in assisting the Board in this exercise, especially those who willingly gave of their time to participate on the Board’s TVM Working Group.
The Board’s report can be accessed from its web site www.taxboard.gov.au.