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Australia’s $350m bank tax break enrages EU Save Share A $350 million tax dispute between the federal government and European Union has threatened to stop banks raising funds from European debt investors. The government is being forced to end a special tax break for banks and fund managers after the EU threatened to blacklist Australia for running a harmful tax regime. The OBU regime will be phased out by 2023.  Karl Hilzinger The disagreement comes amid separate political tension over the EU blocking the supply of COVID-19 vaccines to Australia. The tax spat was over Australia’s offshore banking unit (OBU) regime, which taxes offshore profits of local financial institutions at the concessional rate of 10 per cent, instead of the 30 per cent corporate rate.

Hong kongEamon gallagherDavid lynchJosh frydenbergAndrew braggRalf capitoTechnology centre advisory groupOrganisation for economicAustralian financial markets associationEconomic cooperationFinancial markets associationLiberal senator andrew braggAndrew lowஹாங் காங்ஈமான் கல்லாகர்டேவிட் லிஞ்ச்