NEWS: Treasury Wines chief wants an end to tax rebate rort

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NEWS: Treasury Wines chief wants an end to tax rebate rort

Postby StarNews » Fri Nov 13, 2015 7:52 am

Treasury Wines chief wants an end to tax rebate rort
Eli Greenblat for The Australian
November 13, 2015


Treasury Wine Estates chief executive Michael Clarke has lashed out at the “blanket and broad rorting” of the Wine Equalisation Tax rebate, and has called for it to be radically altered even if it meant his own company lost out on its annual $500,000 government payout.

Addressing shareholders at Treasury Wine Estates annual general meeting in Adelaide yesterday, Mr Clarke said the WET rebate was harming “Brand Australia” as it caused distortions in the domestic wine sector by giving incentives to produce cheap, commercial wine.

The WET rebate, originally introduced in 2004 to support small rural wineries via a maximum rebate of $500,000, was also now being taken up by offshore producers, which needed to be stopped, Mr Clarke added.

http://www.theaustralian.com.au/busines ... 7606892274
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