Australia’s Federal Board of Taxation has completed the first stage of its consultation exercise to review the tax treatment of Islamic finance instruments.
According to the Tax Office, it has received submissions from various sources including: Australian law firms; accountancy firms; academics; individuals; industry bodies (including the Financial Services Council, CPA Australia and a joint submission from the Tax Institute of Australia and the AFMA); and state offices including the Department of NSW Treasury and Department of Industry & Investment NSW. (source)
Most of the petitions supported the Tax Office’s proposal to change the laws relating to the treatment of financial products to create parity between Islamic finance products and non-Islamic products.
The Tax Office is now in the process of submitting a report to the government minister who will respond later this year. New South Wales’s government recently went on record (prior to the recent NSW elections) that it was aiming to make the state capital, Sydney, the leading hub for Islamic finance in Australasia.
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