Yes it's probably correct that in the short term the admin cost will exceed intake but we are moving into a new world for taxation and sticking to an antiquated system is even less appropriate.
Over time the system will be need to be refined/streamlined and eventually there will be a worldwide standard. But govs are slow moving and this will take time. I applaud our gov for taking the lead and not waiting for others to slowly get around to it.
You simply cannot have a system where any Tom Dick or Harry from overseas can sell to your consumers at such an obvious advantage over local companies. It is not sustainable.
