ARFP members warned of future tax troubles
Australia has been a cheerleader for the upcoming passporting scheme, but industry players have claimed the country's taxation arrangements represent the biggest hurdle to its successful implementation.
The Asia Region Funds Passport (ARFP) scheme will not succeed unless issues around higher taxes in some of the member nations are resolved, according to fund industry experts.
It comes just days after the ARFP released draft rules and operational arrangements, which were meant to push the passporting scheme a step closer.
But the draft memorandum of understanding (MoU) released last Friday did not attempt to provide clarity on the tax issues, said Stewart Aldcroft, managing dire…
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