AUSTRALIA TO SHUTTER ‘HARMFUL’ OFFSHORE BANKING UNIT REGIME

On 19 March, Tax News reported that the Australian Government has confirmed that it will amend its offshore banking unit regime after it was designated a harmful tax regime by the OECD and the EU.  The regime was established in 1992. It provides a more attractive tax rate for offshore banking activity conducted by Australian registered banks. Existing participants operating within the OBU regime will continue to access the concessional tax rate for a period of two years, up to the end of the 2022-23 income year.

https://www.tax-news.com/news/Australia_To_Shutter_Harmful_Offshore_Banking_Unit_Regime____97933.html

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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