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.
Recommended for you
Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best interests duty and reforming Statements of Advice.
The Federal Court has found a company director guilty of operating unregistered managed investment schemes and carrying on a financial services business without holding an AFSL.
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
Compliance professionals working in financial services are facing burnout risk as higher workloads, coupled with the ever-changing regulation, place notable strain on staff.
