The Business Council of Australia (BCA) has welcomed confirmation in Parliament yesterday by the Treasurer, Mr Costello, that the government had an in-principle commitment to a July 1, 2001, start-up for the Tax Value Method.

Speaking on behalf of the BCA, Executive Director David Buckingham said: “This measure is central to the achievement of the competitive benefits being sought through business tax reform and its embrace by the government is most welcome.”

Mr Buckingham added that the BCA was also pleased with the Treasurer’s commitment to a positive and extensive consultation process with business, and looked forward to Mr Costello’s announcement of further steps in the near future.

“The BCA is a firm supporter of the Tax Value Method as a fairer and more efficient system which will improve the competitiveness of Australian business,” he said.

“It is very pleasing that the Treasurer has signalled the government’s commitment to the implementation of the new system while at the same time emphasising the need to work hand in hand with business and to engage in extensive consultation.”