Worl

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.

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on March 12, 2021
bankin
Australi
  1. Comments will be moderated by The Hindu Business Line editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.