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)
