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Ease laws to allow Islamic finance to flourish
by Nassim Khadem
The federal government is under pressure to tweak tax incentives that make it easier for the Islamic finance sector to flourish in Australia and allow greater cross-border transactions with Asia.
The Dubai-based global head of Islamic finance for law firm Allen & Overy, Anzal Mohammed, says there's a growing push to encourage policy makers in Australia to ease regulations on areas such as stamp duty and withholding tax so that people who want to invest in Islamic-compliant funds don't get hit with unforeseen tax penalties.
Mohammed met Treasury officials in Canberra in a bid to encourage such a move. It comes as the chairman of the Australian Financial Services Task Force, Mark Johnson, also recommended that impediments to Islamic finance be removed as part of the Board of Taxation review.
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