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Aussie panel call to scrap taxes on insurance
January 18, 2010
ALL state taxes and levies on the general insurance sector should be abolished to help address the high level of under-insurance in Australia, a government-appointed panel has recommended.
The Australian Financial Centre Forum, chaired by former Macquarie Bank director Mark Johnson, found that the range and diversity of state taxes added significantly to the cost of insurance, especially for businesses operating Australia-wide.
It said the issue should be addressed urgently.
"(State taxes) are undoubtedly a factor contributing to underinsurance, with consequent increased demands on the public purse," the forum said in a 160-page report released by Assistant Treasurer Chris Bowen on Friday.
Original Posting At: TheAustralian
The Australian Financial Centre Forum, chaired by former Macquarie Bank director Mark Johnson, found that the range and diversity of state taxes added significantly to the cost of insurance, especially for businesses operating Australia-wide.
It said the issue should be addressed urgently.
"(State taxes) are undoubtedly a factor contributing to underinsurance, with consequent increased demands on the public purse," the forum said in a 160-page report released by Assistant Treasurer Chris Bowen on Friday.
Original Posting At: TheAustralian
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