The Victorian Chamber of Commerce & Industry (VCCI) has recommended the Victorian Government follow NSW’s lead and abolish stamp duty in its upcoming 2021 Budget.
CEO Paul Guerra says that switching to a broad-based land tax regime will provide greater revenue certainty for the government while reducing the cost burden on home owners:
Now is the ideal opportunity for structural change to the revenue base. Victoria should switch from stamp duty to a broad-based land tax. This will activate significant economic growth and importantly remove an inefficient and market distorting tax…
