Part 1: Revenue Measures (continued)
Immigration and Border Protection
Korea‑Australia Free Trade Agreement
|Australian Customs and Border Protection Service||‑||‑100.0||‑165.0||‑180.0||‑190.0|
|Related expense ($m)|
|Australian Taxation Office||‑||‑||0.3||0.3||0.3|
On 8 April 2014 the governments of Australia and the Republic of Korea signed the Korea‑Australia Free Trade Agreement. Under the Agreement, both parties agreed to eliminate tariffs on a wide range of goods and provide additional access for investment and services. Parties are working toward bringing the Agreement into effect by the end of 2014. This measure is estimated to reduce revenue from tariffs by $635.0 million, and increase expenses by $0.9 million, over the forward estimates period.
Further information can be found in the press release of 8 April 2014 issued by the Minister for Trade and Investment.