Australia to introduce legislation to amend offshore banking rules

Reuters SYDNEY | Updated on March 12, 2021

Australia will introduce legislation in parliament to amend its offshore banking unit (OBU) rules to try to avoid the country being designated a harmful tax regime by the European Union and OECD, Treasurer Josh Frydenberg said on Friday.

The OBU provides a more attractive tax rate for offshore banking activity conducted by Australian registered banks.

Published on March 12, 2021

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