According to Industry Minister Nick Minchin, the Australian Federal Government is seriously considering rewriting the rules regarding capital gains taxation in order to encourage more foreign investment in the country.
Speaking at the annual conference of the Australian Venture Capital Association, Mr Minchin revealed that limited exemptions for non-resident pension funds in certain countries had not proved as much of a draw as the government had hoped, and that there were plans in the pipeline for an across the board change: 'Stay tuned for further developments on that matter in the next four weeks,' he said last week.
Members of the AVCA will doubtless be happy with this latest development, as they have been lobbying the government for a considerable time to abolish all tax barriers for foreign capital. Robin Batterham, Australia's top scientist, and another speaker at the conference, joined calls for wide-reaching tax changes to encourage the inflow of foreign capital.
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