The Board of Taxation has published a discussion paper on the Board’s review of the taxation treatment of Islamic finance, banking and insurance products.

The paper:
• examines the current approach to finance taxation in Australia;
• identifies issues associated with Australia’s current approach to the taxation of Islamic finance products; and
• examines the tax policy response to the development of Islamic finance products in other jurisdictions (including the United Kingdom, France, South Korea and other relevant jurisdictions).

The closing date for submissions is 17 December 2010.