OECD notes Australia’s intention to repeal Offshore Banking Unit

The OECD’s Forum on Harmful Tax Practices has accepted new conclusions on 25 regimes as part of the implementation of the BEPS Action 5 minimum standard.

The Organisation for Economic Cooperation and Development (OECD) Forum on Harmful Tax Practices (FHTP) has noted Australia’s move to repeal the Offshore Banking Unit (OBU) regime, which  the FHTP views as a harmful tax practice. Proposed amendments to Australia’s OBU regime were introduced into Federal Parliament on 17 March 2021 and remain before the House of Representatives. See related article: Offshore Banking Unit changes necessitate financial services tax reforms The OECD says p...

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Published Date: 06 August 2021