Effective And Efficient Use Of Investment Tax Incentives

Executive Summary It has been observed from past experiences that there is ample room for effective and efficient use of investment tax incentives in Australia. It was found that tax incentives are does not make much impact on changing the investment climate and many times tax incentives turned out to be redundant – that is, investment would have been undertaken even without the incentives. The fiscal cost of tax incentives can be high, reducing opportunities for other required spending like on infrastructure, education and health care or any other sector. Effective and efficient use of tax incentives for small businesses requires careful tax designed. Many times government use income tax exemptions to attract investment or persuade for joint ventures to attract investments. Good infrastructure, long term effective policies, economic stability etc. are important for bringing investment. There is a need of have correct taxation policy to really have a great impact on domestic small business. Good governance of tax incentives is critical for small business growth. Transparency is necessity of time to facilitate accountability, providing opportunities for opening business or for extracting information for rent seekers and to curtail corruption. There are many stakeholders involved in the tax incentive proposal approval but the best in the ministry of finance that enforced and monitored by the tax administration. To grant tax incentives it should be based on rules rather thanShow MoreRelatedTax Reform For Small Businesses1433 Words   |  6 PagesExecutive Summary Tax reform is the crucial component in Government’s policy agenda so as to frame more employment, production, and opportunities. It is mostly initiated for the improvement of levy policy in order to implement social as well as the economic benefits. 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