Australia pushing for corporate tax cuts

Pledging to cut the corporate tax rate, Prime Minister Malcolm Turnbull said it will boost private investment and deliver jobs and higher pay.
Pledging to cut the corporate tax rate, Prime Minister Malcolm Turnbull said it will boost private investment and deliver jobs and higher pay. PHOTO: AFP

Australia's ruling coalition has seized on moves for lower taxes in the US and Europe to push for a dramatic A$65 billion (S$67 billion) cut in company taxes even as it insisted yesterday that it was not trying to "chase every country down".

Pledging to cut the corporate tax rate from 30 to 25 per cent, Prime Minister Malcolm Turnbull said it will boost private investment and deliver jobs and higher pay. He said the US cuts added to pressure on Canberra to reduce its rates and stay competitive. The United States cut its federal corporate tax rate from 35 to 21 per cent in January.

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A version of this article appeared in the print edition of The Straits Times on March 01, 2018, with the headline 'Australia pushing for corporate tax cuts'. Subscribe