The current state based tax system is inhibiting our economic growth and must be overhauled, according to the Real Estate Institute of New South Wales.
“We must move away from the narrow based discriminatory taxes including stamp duty which inhibits growth,” REINSW President Malcolm Gunning said.
“Instead, we need a modern broad based tax system that will provide government with its revenue and not impede or deter investment. The current state tax system is adversely affecting the growth of the state’s economy.
“REINSW has raised the flag and now calls on other state property institutes and associations to voice their support for tax reform.
“The time to act is now with increasing unemployment we must look for a modern tax system that will provide growth and employment.
“Abolishing these inefficient and inequitable taxes will also mean industry and commerce’s compliance costs and the public servants administering the supporting bureaucracy in this area vanish. These savings alone should be inspiration enough to justify the enquiry,” Mr Gunning said.
For further information or to arrange an interview with REINSW President Malcolm Gunning, please contact: Helen Hull – 0419 642 961 or [email protected]