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:
- Identify impediments in current Australian tax laws (at the Commonwealth, State and Territory level) to the development and provision of Islamic financial products in Australia;
- Examine the tax policy response to the development of Islamic financial products in other jurisdictions (including the United Kingdom, France, South Korea and relevant Asian jurisdictions); and
- Make recommendations (for Commonwealth tax laws) and findings (for State and Territory tax laws) that will ensure, wherever possible, that Islamic financial products have parity of tax treatment with conventional products.
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