Australia’s government has appealed to lawmakers to back its flagship economic plan to cut corporate taxes as it seeks to respond to falls in US and UK company tax rates.
Canberra wants to progressively cut corporate taxes from 30 per cent to 25 per cent by 2025 for all companies, in a bid to boost growth and compete for investment.
MPs in the lower house backed the government’s plan in a vote by 75 to 71 on Thursday. However, the bill is struggling to win support in the Senate, where opponents allege the A$65bn ($51bn) tax cut will increase the budget deficit, mainly benefit shareholders of foreign companies and do little to boost the economy.
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