The government of Australia has for quite a time been working towards improving the financial services in the country. The country has come up with various legislations include the financial acts of 2004 to help improve service and delivery in the financial sector. Because the acts seemed not to yield the expected full results, the Australian government had to set up commissions to inquire into a number of issues in the financial industry, taxation being one of them. The Henry tax review is one of the reports of the three inquiry commissions which were set up by the Australian Government to look into the tax system of the government and its transfer system. The Henry Commission came up with the review report. The commission was set up in in the year 2009. The commission was meant to do a thorough inquiry into the taxation system and come up with a report that would be used as a basis of improving the Finance Service industry of Australia. This paper thus discusses the issues that informed the formation of the commission and the report of the commission including a review of major recommendations in the report (Flash, 2010).
The Henry review released its report on the 2nd of May in 2010. The major reason for the formation of this commission was the need for the government to fully understand the underlying issues in its tax system and thus development of better steps basing on the recommendations made by the report to improve the tax system of the country (Flash, 2010).
The review report had a number of major findings among them being that the government of Australia imposes a total of 125 taxes. These taxes are imposed at different levels of government. Nonetheless with these many taxes being levied, it was found out that only ten out of the one hundred and twenty five taxes that are imposed by the government raise almost all the revenue that is received from taxation. The ten taxes raise 90 percent of the total tax revenue meaning that the remaining 115 taxes only raise 10 percent of the total revenues from tax. These finding raised question concerning the validity of the many taxes that the government imposes on its citizens and institutions. In response to the Henry commission report, the government of Australia has revised its taxation system in order to tackle the flawed taxes (Thompson, Partner and Minter Ellison Lawyers, 2010).
Several recommendations were suggested in the report. Among the recommendations was that the taxation system of Australia be revised and that the government of Australia was to start raising taxation revenue from only four taxes that are efficient. These taxes include the business income tax, personal income tax, economic rents and private consumption. The report also recommended the abolition of inefficient taxes which include payroll, insurance and property transfer taxes. The report also recommended the updating of rules of taxation that governed trusts. The government has responded to the recommendations in the report by borrowing into a number of the recommendations more so by abolishing a number of these taxes (Thompson, Partner and Minter Ellison Lawyers, 2010).
The step to set up the Henry review commission was an important step to improve taxation in the country. The report came up with findings which indicated that most of the taxes were inefficient thus recommending the abolition of most of the taxes. This has forced the government to reform its taxation system. The taxation system of Australia is likely to improve a lot if the government continues to borrow into the Henry Review report.
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