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Media Release 3213/10/2010

Review of the Taxation Treatment of Islamic Finance Products

The Chairman of the Board of Taxation, Mr Dick Warburton AO, today announced the release of a discussion paper on the Board’s review of the taxation treatment of Islamic finance, banking and insurance products.

The Government announced on 26 April 2010 , that the Board of Taxation would undertake a comprehensive review of Australia’s tax laws to ensure that, wherever possible, they do not inhibit the expansion of Islamic finance, banking and insurance products.

The Board has been asked to:

To facilitate public consultation, the Board has developed the discussion paper as a basis for further discussion.

The Board welcomes submissions on issues raised in the discussion paper. The closing date for submissions is Friday 17 December 2010.  Submissions may be sent to:

Email: taxboard@treasury.gov.au

Facsimile: (02) 6263 4471

Post:
Review of the taxation treatment of Islamic finance products
The Board of Taxation
c/- The Treasury
Langton Crescent
PARKES ACT 2600

Copies of the Board’s discussion paper are available from www.taxboard.gov.au. Printed versions of the paper are available by email request sent to taxboard@treasury.gov.au.

To assist in the Review process, the Board is planning to conduct consultation meetings in Melbourne, Sydney and Canberra in November 2010.  To register your interest in attending a consultation meeting, please contact the Board of Taxation Secretariat on (02) 6263 4366 or email taxboard@treasury.gov.au.

Further information on the review is available on the Board of Taxation website, www.taxboard.gov.au.

Contacts:

Megan Butcher
Board of Taxation Secretariat
Telephone (02) 6263 4363
e-mail: taxboard@treasury.gov.au