Federal Treasurer Wayne Swan has reaffirmed commitment by the government of slicing the country's corporate tax to further encourage investment inflows, promote higher production and prompt wage growth.

Such goal was not lost to the Labor-led government despite adjustments in the May budget that delayed the intended company tax downgrades, which was originally set at 29 per cent from 30 per cent.

The proposal, however, failed to gain traction at the Parliament due to oppositions aired early in the year by the Australian Greens and the Coalition.

However, a spokesman for Mr Swan was reported by the Australian Associated Press as saying on Thursday: "This government has said repeatedly ... that we want to cut the company tax rate."

But the roll out, it appears, will hinge on a number of conditions, chief of which is the definite recommendations coming from the business tax working group established by Canberra in 2011.

The group also needs to come up with saving measures that would cover for the loss in revenues on the part of the government, the office of Mr Swan added.

Of course, positive feedback coming from MPs - which should include support from Labor, the Coalition and the crossbenchers - would be crucial to successfully push the measures up, the Treasurer's spokesman told AAP.

It is understood that the working group is set to propose corporate tax cuts by up to two per cent, which should be included on the discussion paper that it will issue within August.

Final recommendations will be outlined by year-end, AAP said.

Yet according to the Australian Chamber of Commerce and Industry (ACCI), the planned decrease on company tax should not be attached with conditions such as the taking away of firms' research and development (R&D) tax incentives and other benefits.

"Our strong view is that reductions should be funded by expenditure savings rather than stripping away taxation arrangements from other areas of the business tax system," ACCI representative Greg Evans said in a statement.

The business group, however, noted that in case the tax cuts will finally be delivered, it would be a welcome development for the business community, which has been batting to bring down the corporate tax at 25 per cent, the level set by the Henry Tax Review as ideal for sustained economic expansion.

At the moment, the ACCI is on a wait-and-see mode as "business is also sceptical (about) when and if a company tax reduction may be delivered, as it was previously announced, then scaled back and finally withdrawn in this year's budget," Mr Evans told AAP on Thursday.

Hopefully, the tax cuts will not be lumped with trade-offs that would eliminate the R&D tax incentives, which according to Australia Industry Group Chief Executive Innes Willox were all important for Australian firms to maintain competitive stature in the global business arena.

"Right now, Australia needs businesses to undertake R&D like never before ... The pressures of the high dollar, rising energy prices and the legacy of a long period of poor productivity growth make it imperative that businesses raise competitiveness," Mr Willox explained.

Prime Minister Julia Gillard has earlier vowed that delivering the tax cuts for businesses will be the main goal of the business working group she had formed last year following the tax forum sponsored by Labor in Canberra.

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