19 May 10 Terms of reference for Board of Taxation review into Islamic finance announced
In media release No 2010/107, issued 18 May 2010, the Assistant Treasurer, Senator Nick Sherry, announced the terms of reference for the Board of Taxation's review of the tax treatment of Islamic finance in Australia.
The review, which was announced on 26 April 2010 by the Assistant Treasurer and the Minister for Financial Services, Corporate Law and Superannuation, Chris Bowen, will be a comprehensive analysis of Australia's tax laws to ensure that, wherever possible, they do not inhibit the provision of Islamic finance, banking and insurance products.
The terms of reference form an attachment to the media release.
The Board is being asked to provide a final report to the Assistant Treasurer by June 2011.