Explanatory Memorandum(Circulated by the Authority of the Minister for Justice and Customs, Senator the Honourable Amanda Vanstone)
Financial impact statement
The partial year impact of Schedule 1 changes in 1999-2000 is expected to provide around $300 million in combined customs and excise duty. In subsequent years the full year impact is expected to be additional revenue of around $440 million.
The amendments to the tariff structure for petroleum products that are contained in Schedule 2 of this Bill do not create an additional tax liability. However, the revenue at risk, if the customs and excise tariff changes are not introduced, is estimated to be up to $100 million per annum.