Australian taxation concessions have formed a central part of promoting Australia as a financial services centre, according to a new report.
The Australia as a Financial Centre report published by the Australian Financial Centre Forum yesterday indicates that the country has the most efficient and competitive financial sector in the Asia-Pacific region.
It pointed to the withholding reduction to 15 per cent of the tax rate on certain distributions of income to non-residents by Australian-managed funds in July as an example of actions to promote the country's financial services.
Commenting on the report, minister for financial services Chris Bowen said: "Australia, as an open, well regulated and stable economy in the region, is uniquely placed to capitalise on its comparative advantages.
"We are committed to ensuring that our financial sector is well-placed to make the most of those opportunities that will emerge."
It comes after Mr Bowen released draft reforms last month to improve Australia's corporate reporting framework and reduce red tape.
The Australia as a Financial Centre report published by the Australian Financial Centre Forum yesterday indicates that the country has the most efficient and competitive financial sector in the Asia-Pacific region.
It pointed to the withholding reduction to 15 per cent of the tax rate on certain distributions of income to non-residents by Australian-managed funds in July as an example of actions to promote the country's financial services.
Commenting on the report, minister for financial services Chris Bowen said: "Australia, as an open, well regulated and stable economy in the region, is uniquely placed to capitalise on its comparative advantages.
"We are committed to ensuring that our financial sector is well-placed to make the most of those opportunities that will emerge."
It comes after Mr Bowen released draft reforms last month to improve Australia's corporate reporting framework and reduce red tape.
