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Tuesday, 27 November 1973

Senator WILLESEE(Western Australia-

Special Minister of State and Minister for Foreign Affairs) ( 1 . 0)- I move:

That the Bill be now read a secondtime.

I seek leave to have the second reading speech incorporated in Hansard.

The ACTING DEPUTY PRESIDENT-Is leave granted? There being no objection, leave is granted. (The speech read as follows)-

The purpose of this Bill is to amend the Income Tax (Non-resident Dividends and Interest) Act 1967, which declares the rates at which withholding tax is payable on dividends and interest paid from Australia to residents of other countries. The Income Tax Assessment Bill (No. 5) 1973 proposes that the withholding tax provisions of the Income Tax Assessment Act be extended to dividends and interest paid from Australia to residents of Papua New Guinea. The rate on dividends is to be 15 per cent and on interest 10 per cent. In the absence of the amendment proposed by this Bill the rate on dividends would be 30 per cent, the rate generally applicable to countries with which we do not have a double taxation agreement. This Bill will charge withholding tax on dividends at the same rate as Papua New Guinea, that is, 15 per cent. Further explanations on the clauses of the Bill are given in a memorandum which is being circulated for the information of honourable senators. I commend the Bill to the Senate.

Debate (on motion by Senator Cotton) adjourned.

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