HOWLS OF ANGUISH GREET TAX CHANGE
The immediate direction of Australian participation in international capital markets has been clouded by the federal government’s decision on July 1 to scrap withholding tax exemptions for most offshore raisings. Confusion, despair and considerable anger greeted the move, leading to a sharp marking down of both Australian dollar issues and the already frail dollar.
The confusion stemmed from the lack of detail which accompanied what has been the greatest blow for Australian borrowers overseas in years.
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