Planned corporate tax cuts in Australia unveiled in the budget on May 3 are estimated to cost just over A$48bn (US$35.4bn) over the next 10 years.
Australia’s prime minister, Malcolm Turnbull, who confirmed shortly after the budget was unveiled that he will call a general election on July 2, had previously declined to offer a figure both in a television interview and in response to the opposition Labor party.
However, in subsequent Senate estimates, treasury secretary, John Fraser, said the 10-year cost of lifting the small business threshold to A$10m and reducing corporate tax to 25% would be A$48.2bn. The current rate is 30% and reached a record high of 49% back in 1986.
The first stage, from this July, will be a reduction from 30% to 27.5% in the rate for small businesses with annual turnover of less than A$10m, while an uniform rate for all businesses of 25% will be in effect by 2026-27. The policy reflects Turnbull’s belief that offering incentives to innovators is key to Australia’s continuing economic growth.
Finance ministers back further moves to prevent multinationals from exploiting differences in tax rates between EU member countries and those outside the region.
The European Banking Authority said that its proposed rules for stronger customer authentication would be relaxed for payments under €10.
A relatively small population and take-up of the latest technologies makes the country a testbed for payment innovation, according to an ANZ Group report.
Most are ‘hugely optimistic’ that their business will succeed in the year ahead, according to Ricoh Europe.