Minister Announces Closure of Tax Loophole on Film
Rt Hon Sir William Birch
Minister of Finance and Minister of Revenue
7 July 1999
Finance and Revenue Minister Sir William Birch today announced a proposed amendment to close down, with effect from today, a tax-driven structure involving films.
The Minister made a submission today to the Finance and Expenditure Select Committee to have the amendment included in the Taxation (Annual Rates and Remedial Matters) Bill, which is currently before the committee.
The submission asks the Committee to ensure that taxpayers have the opportunity to make submissions to the Committee on the amendment.
The Minister said the Government wanted to send a strong message to the people involved in such tax-driven structures that it will not allow deals of that kind to erode the tax base at the expense of the rest of the community.