Sa bank tax rejected by upper house

Sa bank tax rejected by upper house

Updated

As the Lower House debated whether to impose a banking tax on banks, the Government has accepted an invitation from the upper house to bring forward a bank tax bill.

An opposition senator yesterday called for banking minister Kelly O’Dwyer to call a special Upper House committee with a special task force to explore a bank tax bill.

Under current legislation, banking transactions worth more than RM2 million are taxed at 17 per cent, while transactions for more than RM100,000 are exempt at 45 per cent.

The committee, which is expected to issue its report within the next week, could propose a banking tax bill as early as December, said Senator Lee Hsien Loong.

바카라사이트That would probably require a special Upper House committee. I think Mr O’Dwyer should invite that committee to examine a banking tax bill. I think the committee’s duty is to find some solution to help our state.

“They should not be able to have an easy, easy job in dealing with the problem and then leave it there, just like he hasn’t brought forward enough bank rate reforms in terms of how money in and out of the state’s financial system needs to be taxed and how it should be taxed,” Senator Lee told 7.30.

Mr O’Dwyer told 7.30: “When I was prime minister, I was quite clear that a bank tax in this country is only one piece of the puzzle in 우리카지노helping the state pay its budget and we’re also going to have to get there through higher business taxation and corporate tax.

“I’m certainly not going to be proposing a tax rate on banks that I haven’t seen before. I am certainly not going to be suggesting a tax rate that is not high enough.”

The Opposition said the bill from Upper House deputy finance spokesman Peter Wong and the deputy leader, Simon Crean, would benefit people whose incomes were over RM20,000 in a year and whose income is below RM50,000 in one year.

“The Government should not be proposing a tax which benefits rich people more than people with fewer resources,” Senator Wong said.

“If the government wants to encourage people to reduce the amount they earn from their incomes by up to a certain jarvees.comamount then they need to consider the extent to which an increase in income might be appropriate for that.

“On the one hand the higher income tax rates would create an incentive for low and middle income Australians to seek ou