This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Find out more here. favicon LAWANDTAX-NEWS.COM
HOME | CONTACT | RECRUITMENT | ABOUT | LEGAL | PRIVACY & COOKIES Join us on Twitter Lowtax Facebook page Join our discussion on LinkedIn Join us on Google+ Delicious Subscribe to the Tax-News RSS Feed


Articles »

Country Home Pages

British Virgin Islands
Hong Kong
Isle of Man
South Africa

Daily Tax Quote

Lowtax Network Sites
Lowtax Network Portal: 'Low-tax' business and investment in the top 50 jurisdictions covered in exceptional detail.
Tax News: Global tax news, continuously updated through the day.
Expat Briefing: A free online publication serving international expatriates and featuring world news, forums, events, in-depth country information and reliable investment and personal taxation guides.
Law & Tax News: Daily news and background data on tax and legal developments for international business.
Offshore-e-com: A topical guide to offshore e-commerce focused on tax and regulation.
Lowtax Library: One of the web's largest and most authoritative business and investment information sources.
US Tax Network: The resource for free online US taxation information, covering: corporate tax, individual tax, international tax, expatriates, sales and e-commerce tax, investment tax.
Offshore Trusts Guide: OTG publishes news, features and newsletters on the use of offshore trust structures.
TreatyPro: Online tax treaty resource.
Global Incorporation Guide [GIG]: A BSI / Lowtax Network international business smart tool.
Australian Treasury Promises More Info On Bank Levy

by Mary Swire,, Hong Kong Thursday, May 18, 2017

The Australian Treasury has said that it will compile a regulatory impact statement on the proposed new bank levy, following criticisms from the institutions affected.

The Secretary to the Treasury, John Fraser, made the announcement in a letter to the Australian Bankers' Association (ABA).

The ABA had criticized a lack of information from the Treasury on a number of issues, including: the basis on which the Treasury calculated its estimate that the levy would raise AUD6.2bn (USD4.6bn), how the tax would affect transactions between the five banks and the Reserve bank, and which of the banks' commercial activities will be captured by the tax. The banks have also urged the Treasury to publish a regulatory impact statement on the policy.

The six-basis point levy will apply to Australia's five largest banks with liabilities of more than AUD100bn. Treasurer Scott Morrison unveiled the policy at the Budget on May 9. The ABA said that the banks had been given until just May 15 to make submissions to the Treasury on the measure. The levy is slated to enter into force on July 1.

Fraser told the ABA: "As is usual practice we will be providing further relevant information, including a regulatory impact statement canvassing the broader economic impacts, compliance issues, and revenue estimates as part of the explanatory material accompanying the draft legislation when it is introduced into Parliament."

Fraser added that the inclusion of the levy in the Budget followed normal budget processes. He explained that "careful consideration was given to the design of the levy, the costings, and to its effect on the economy as well as the financial sector." He also noted that the Budget papers showed both the fiscal balance impact of the measure and the underlying cash balance impacts over the forward estimates period.

Fraser said that officers in his department are working with the Office of Parliamentary Counsel to prepare draft legislation "as swiftly as possible to provide to the major banks for their comment."

The ABA has since alleged that the Government has "forced senior executives of the five major banks to sign confidentiality agreements before releasing the draft major bank tax legislation for examination."

ABA Chief Executive Anna Bligh said: "The Government is going to extraordinary lengths to keep this tax hidden from the people who will be most affected by it and from the public. How can Australia's major banks determine the impacts of this legislation if their senior staff and analysts are in danger of being prosecuted if they speak to stakeholders, the public, or the media?"


One of the web's largest and most authoritative business and investment information sources. Alongside topical, daily news on worldwide tax developments, you can receive weekly newswires or access up-to-date intelligence reports on a range of legal, tax and investment subjects.


Our 16 constantly updated intelligence reports cover every important aspect of 'offshore' and international tax-planning in depth, including banking secrecy, the EU's savings tax directive, offshore funds, e-commerce, offshore gaming and transfer pricing. Reports are available for immediate downloading or as subscription services with news pages.

Advertising & Marketing

With over 50,000 qualified readers every month our web-sites offer a number of cost effective, targeted advertising, sponsorship and marketing opportunities:

Display advertising - from 'skyscrapers' to 'buttons'
Content/article submission and sponsorship
Opt-in email marketing
On-line Services Directory listings

Click here to learn more or contact Charles Bell on +44 (0)1424 205 425 or at and he will put you in touch with your regional rep.

News & Content Solutions

Could your corporate web-site or newsletter benefit from incorporating regularly updated news and content tailored to serve your clients' interests? We can provide a variety of maintenance-free news and content solutions that can be seamlessly integrated and dynamically delivered:

Customised, personalised 'own-brand' news services
Newsletter content and management
News Headlines Tickers

Click here to learn more or contact Charles Bell on +44 (0)1424 205 425 or at and he will put you in touch with your regional rep.

Important Notice: Wolters Kluwer TAA Limited has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.

All rights reserved. © 2017 Wolters Kluwer TAA Limited

All content on this site has been provided by BSIRN.