Date: March 30, 2015
The National Retail Association is urging the Federal Government to close the GST tax loophole that’s costing Aussies jobs and billions in revenue.
NRA Chief Executive Officer Trevor Evans said it’s time for Treasurer Joe Hockey to take action when it comes to tightening up the Low Value Threshold (LVT) in GST legislation which is hurting local businesses.
“While the Government kicks off yet another discussion on raising taxes – closing the LVT loophole is an obvious solution to their economic woes,” Mr Evans said.
“The online shopping boom is only continuing to grow and we are missing out on the windfall – at the expense of Australian businesses and local jobs.
“Most frustrating is we’ve been talking about this for years now. It’s time for Mr Hockey to act and reap the benefits of up to a billion dollars of revenue that is currently going down the gurgler.
“Australian businesses are ready to engage with the Government on this important issue and we look forward to a positive result.”
The NRA is Australia’s largest and most diverse retail industry organisation, and has been representing the interests of the retail, fast food and broader service sector for almost 100 years.
NRA CEO Trevor Evans is available for interviews.
Media contact: SAS Media and Communications – 07 3171 2960 or 0467 792 013