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Australiaâs $350m bank tax break enrages EU
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A $350 million tax dispute between the federal government and European Union has threatened to stop banks raising funds from European debt investors.
The government is being forced to end a special tax break for banks and fund managers after the EU threatened to blacklist Australia for running a harmful tax regime.
The OBU regime will be phased out by 2023.Â
Karl Hilzinger
The disagreement comes amid separate political tension over the EU blocking the supply of COVID-19 vaccines to Australia.
The tax spat was over Australiaâs offshore banking unit (OBU) regime, which taxes offshore profits of local financial institutions at the concessional rate of 10 per cent, instead of the 30 per cent corporate rate.
Finance hub push extended to technology
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Finance and technology professionals would be lured to set up businesses and create jobs in Australia through tax breaks, visa streamlining and fast-tracking regulatory approvals, under reform proposals put to the federal government by a high-powered advisory group.
To seize on Hong Kong’s diminished status as a regional financial centre and capitalise on Australia’s economic and health outperformance during COVID-19, the Australia as a Financial and Technology Centre Advisory Group made 15 recommendations in a report commissioned by Liberal senator Andrew Bragg.
Andrew Low and Andrew Bragg are pushing for Australia to boost its competitiveness in finance and technology.