Fund managers are pushing Australia to lower withholding tax rates and soften the rules for a proposed investment vehicle they hope could help the country attract foreign investment and become more competitive.
The proposed Collective Corporate Investment Vehicle proposed by Australia’s Treasury is a passive fund styled after Luxembourg’s collective investment vehicle known as a SICAV. The fund is designed to attract foreign investors who could greatly expand Australia’s current $2 trillion funds industry.
The government is seeking comments by Feb. 28 on draft rules that determine how CCIVs are regulated and taxed.
But the industry says a lot of...