Draft Tax Conditions Guidance Note
The Foreign Investment Committee of the Business Law Section of the Law Council of Australia welcomes the opportunity to comment on the draft tax conditions guidance note provided on 20 May 2016, proposed to be issued by the Foreign Investment Review Board.
We welcome the revisions made on 3 May 2016 to the standard tax conditions released by the Treasurer on 22 February 2016. These revisions addressed a number of concerns raised during the consultation. However, there are still some aspects of the conditions that would benefit from further specificity. In this regard we refer to the submission of the Foreign Investment Committee and the Tax Committee of the Business Law Section of the Law Council of Australia dated 4 March 2016.
In this letter we have not repeated the comments made in our 4 March submission, some of which continue to cause concerns. We continue to press for the Government’s consideration of these comments.