House of Representatives

Income Tax Rates Amendment (Sovereign Entities) Bill 2018

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.


Copyright notice

© Australian Taxation Office for the Commonwealth of Australia

You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).