Taxation Treatment of Islamic Finance Products: New Discussion Paper

The Chairman of Australia’s Board of Taxation, Dick Warburton, has released a discussion paper on the Board's review of the taxation treatment of Islamic finance, banking and insurance products.

The underlying arrangement in Islamic banking and finance is different to Australian Tax laws. The Board of Taxation's aim therefore, is to ensure that wherever possible, Australian tax laws do not inhibit the expansion of Islamic finance, banking and insurance products.

Discussion Paper Download: [[PDF 968KB]

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It seems possible amendments to the tax laws may be expected mid 2011.

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