GOVERNMENT HAS LOST more than $1.5 billion in revenue over the last seven years largely due to a fall in taxation from the international business sector.
This was revealed yesterday by Senator Darcy Boyce, Minister in the Office of the Prime Minister, who was speaking in the Senate during debate on the 2015 Appropriation Bill, which contains the Estimates. 
Boyce said that eight years ago, 60 per cent of corporation tax came from the IBC sector.
But he noted that the sector went through a very turbulent time between 2007 and 2008 in the international financial markets, which reduced its profitability severely. (AB)
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