FSC Welcomes Australian Government decision to fix withholding tax rates

Sally Loane image

Sally Loane

The Financial Services Council welcomes the Australian Government’s commitment to fix withholding tax rates for Australian investment vehicles during the next 12 months.

FSC CEO Sally Loane said “Australia’s complex and uncompetitive withholding tax system is widely recognised as a significant barrier to exporting Australian financial services and products.

“Today’s commitment by the government to fix the withholding tax boondoggle is welcomed by the industry.

“Creating a competitive and easy to understand withholding tax regime will set Australia up to compete in the Asia Region Funds Passport and will also position the industry to capitalise on the North Asian free trade agreements.

“Australia’s financial services sector has the potential to be the next growth engine of the Australian economy. Policy changes to increase our financial services exports are a fundamental element of ensuring Australia benefits from the growing pool of wealth in the Asian region.”

FSC welcomes the Opposition’s ongoing support for the export of financial services agenda. The Shadow Treasurer Chris Bowen reiterated Labor’s commitment to removing barriers to exports of financial services at the FSC’s Leaders Summit in Melbourne.

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