CCIQ Urges Federal Labor to Reverse its Tax Repeal Stance
The Chamber of Commerce and Industry Queensland (CCIQ) has urged Federal Labor to reconsider its stance on its proposed repeal of legislated tax cuts for businesses turning over between $10 and $50 million if elected.
The proposed repeal announced by opposition leader, Bill Shorten would have a devastating knock on effect to businesses already facing significant headwinds around costs, a subdued economic environment and now another challenge around uncertainty.
CCIQ General Manager of Advocacy Kate Whittle said that the proposed tax is really a punishment for high turnover businesses with already stretched operating margins.
“The announcement by Mr Shorten is a ‘Captain’s Call’ the business community cannot simply stay silent on.
“An independent grocery store in a regional centre can have a turnover well in excess of $10 million yet operate on razor thin profit margins. Is this type of business that Mr Shorten wants to target?,” Ms Whittle said.
CCIQ continues to advocate for better treatment of the small to medium enterprise sector and to stop the demonization of the largest employing sector of the economy.
“Queensland businesses continue to deliver and innovate in an incredibly challenging environment where higher levies, new taxes and now the threat of corporate tax relief being withdrawn only serving to further hammer business confidence,” Ms Whittle said.
The Suncorp – CCIQ Pulse Survey of Business Conditions for the March Quarter released in May revealed greater pessimism around the state economy among Queensland businesses.