House of Representatives

Second Reading Speech

Mr ROBERT (Fadden-Assistant Treasurer)

I move:

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.

Debate adjourned.