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.
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