Australia unveiled its new annual budget this week with the backdrop of a soaring currency and rising prices. Of longer term importance for the Islamic finance market is the submission of the final report that goes to the Board of Taxation this week, one of the aims of which is to help create ‘a level playing field’ for Islamic finance from a tax perspective.
The Board will then submit the report to the Treasurer and the race can begin. The Australian government has long paid lip service to accommodating Islamic finance and many feel that the first real steps can only take place once the new tax initiatives are in place……………………………………….Full Article: Source