The Assistant Treasurer announced on 23 November 2011 that the Government will defer by 1 year the earlier announced reduction of interest withholding tax.
The phase down was announced on 11 May 2010 to reduce interest withholding tax on borrowings from foreign financial institutions and on offshore retailed deposits to 7.5% from 1 July 2013 and to 5% from 1 July 2014 and the rate of tax on intra-entity borrowings of Australian branches of foreign banks to 2.5% fro…