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Reuters
Reuters
Business

Australia to introduce legislation to amend offshore banking rules

FILE PHOTO: The Sydney Harbour Bridge and Central Business District (CBD) can be seen behind houses along the foreshore of Sydney Harbour, in this aerial picture taken February 1, 2016. REUTERS/David Gray

Australia will introduce legislation in parliament to amend its offshore banking unit (OBU) rules to try to avoid the country being designated a harmful tax regime by the European Union and OECD, Treasurer Josh Frydenberg said on Friday.

The OBU provides a more attractive tax rate for offshore banking activity conducted by Australian registered banks.

FILE PHOTO: The new Treasurer Josh Frydenberg attends the swearing-in ceremony in Canberra, Australia August 24, 2018. REUTERS/David Gray

(Reporting by Renju Jose; Editing by Jacqueline Wong)

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