House of Representatives

Customs Tariff Amendment Bill (No. 1) 2000

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.

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