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In a media release issued on 30 January 2014, the Assistant Treasurer, Senator Arthur Sinodinos, announced that 1 July 2015  will be the start date for reforms to the Offshore Banking Unit regime that were originally announced in the 2013-14 Budget.

“This step will provide business with certainty by allowing targeted integrity rules together with other Offshore Banking Unit reforms, including recommendations by the Johnson Report, such as reviewing the activities eligible for the OBU concession, to be fully considered and implemented in one complete package,” said Senator Sinodinos.

The Offshore Banking Unit regime provides a concessional tax rate to encourage genuine offshore banking activity in Australia.

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