On 3 November 2016, the Australian Minister for Revenue and Financial Services released a collective investment vehicle (CIV) non-resident withholding taxes paper for public consultation. The consultation includes three proposals:
- No policy change to the existing tax settings;
- Single non-resident withholding tax rate of 5% for CIVS and MITS under the Asia Region Funds Passport (ARFP); and
- Uniform non-resident withholding tax rate of 5% for all CIVS and MITS, excluding rental income and taxab…