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Submissions open for Islamic finance tax paper


The Board of Taxation is calling for submissions to its discussion paper on the tax treatment of Islamic finance, banking and insurance products.

The Board undertook a review of Australia’s tax laws in April to ensure that the law does not inhibit the expansion of Islamic finance, banking and insurance products. This week the Board released a discussion paper considering Australian’s finance taxation framework, issues raised regarding Australia’s current approach to finance taxation and how the taxation of Islamic finance, banking and products was approached internationally.

The Board has welcomed submissions on issues raised in the discussion paper and the closing date is Friday, 17 December, 2010.


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