The head of Treasury's revenue group, Rob Heferen, has thrown his support behind a move to cut the company tax rate from 30 per cent, saying it would boost foreign investment and economic growth.

Treasurer Joe Hockey has said the tax reform process will kick off this Monday with a discussion paper. This will be followed by a green paper later in the year, and will then be finished off with a final tax white paper.

"Australia's company tax is relatively high by global standards," says Rob Heferen. Credit:Jessica Hromas

Speaking at a Minerals Council of Australia tax conference in Melbourne on tax reform, Mr Heferen said lower company taxes boosted foreign investment, resulted in more jobs, higher wages and increased productivity.

He did not say what the rate should be, but the previous tax review by former Treasury boss Ken Henry has suggested it be cut to 25 per cent.