Australian Senate To Vote In June On Corporate Tax Cuts

CANBERRA, Australia (AP) — The Australian government announced Monday that the Senate will vote in June on cutting corporate tax rates after an opinion poll suggested the contentious reform had popular public support. The leader of a crucial minor party said she was reassessing her opposition to proposed tax cuts in light of the polling, rekindling government hopes of achieving a key policy promise at the last election in 2016. Prime Minister Malcolm Turnbull's conservative coalition wants to cut the corporate tax rate by 5 percent to 25 percent by 2026-27, but the measure has been blocked in the Senate, where the government holds a minority of seats. Finance Minister Mathias Cormann, the government's chief negotiator in the Senate, said Monday that senators will be asked to vote on the tax cuts when they next sit from June 18 to 28. Cormann said the need to reduce the tax burden on businesses had become more pressing for future Australian jobs and investment since the 2016 election because the United States had reduced its top corporate tax rate from 35 percent to 21 percent. "Putting businesses in Australia at an ongoing competitive disadvantage deliberately by imposing higher taxes in Australia ...Read more on NewsOK.com

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