Second Reading SpeechMr ROBERT (Fadden-Assistant Treasurer)
That this bill be now read a second time.
This bill amends the Income Tax Rates Act 1986 to set the rate of tax payable in respect of the taxable income of a sovereign entity.
Unless another existing tax rate applies to the relevant taxable income or sovereign immunity applies, sovereign entities will pay tax in respect of their taxable income at a rate of 30 per cent.
Full details of the measure are contained in the explanatory memorandum.
I commend the bill to the House.