THE NEWS WRAP: Tax Commissioner pledges to crack down on tax cheats

Rising company profits at a time of falling tax revenues could indicate a “fragility” in the corporate tax system, the Tax Commissioner has admitted.

Speaking to Business Day, Michael D’Ascenzo said the gap could be down to increased profits in the mining industry, which enjoys significant tax deductions. He also pledged further action to crack down on tax cheats.

High dollar

Australia’s economic growth in 2011 could be hampered by the continued strength of the dollar, according to a survey of CEOs.

A poll of 530 CEOs from a range of industries revealed that the Australian dollar, consumer caution, high interest rates and government red tape were all cited as potential drags on the economy during the year ahead. 

Buffett rules out retirement

Warren Buffett, the veteran investor dubbed ‘The Sage of Omaha’, has ruled out retirement in an annual letter to shareholders.

Buffett, who is 80-years-old, said that he was still on the hunt for acquisitions for his firm, Berkshire Hathaway, and had no immediate plans to retire.

Overnight

The Down Jones industrial average was up 61.95 points, or 0.51 per cent to 12,130.45. The Australian dollar edged up to 101.8 US cents.