Federal Finance Minister Mathias Cormann refused to detail how the government pays for incentives. Source: AAP
FEDERAL Finance Minister Mathias Cormann has refused to detail how the government will pay for incentives to states to sell off assets, but says company tax revenue will be boosted by any privatisation.
Federal Treasurer Joe Hockey last week struck an historic deal with all his state and territory counterparts, which would see public assets sold-off and the profits directed into major infrastructure projects.
As an incentive, the commonwealth will give the states an additional 15 per cent of the value of an agreed asset sale.
Senator Cormann said people would have to wait until the May budget for details of how the payments would be funded.
But he pointed out that state-owned assets were exempt from paying the company tax.
"Once any state-owned asset is sold into the private sector they will end up paying company tax to the commonwealth," he told ABC TV on Sunday.
"The 15 per cent payment ... is an incentive to get (the states) to do the right thing. But it is also recognition that the commonwealth will be increase its tax base on the back of those sorts of asset sales."
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