Various stakeholders made contributions including: Australian law firms; accountancy firms; academics; individuals; industry bodies (ie the Financial Services Council, CPA Australia and a joint submission from the Tax Institute of Australia and the AFMA); and the Department of NSW Treasury and Department of Industry & Investment NSW. For details of the Discussion Paper see our previous alert.
The Board will now provide a final report to the Assistant Treasurer by the end of June 2011. Upon receipt of the final report, the Federal Government will consider the Board’s suggestions and may publish a response later this year.
It is also worth noting that prior to the recent NSW election, the former NSW Government announced that it intended to develop Sydney as a ‘centre of excellence in Islamic finance’. In accordance with this objective, the NSW Government’s Better Regulation Office is currently seeking stakeholder views on existing non-tax regulatory barriers to the provision of Islamic finance products in NSW. Upon receipt of submissions, the Office will advise the Premier, and the NSW Government may then proceed to publish its formal response later in the year.