House of Representatives

Taxation Laws Amendment (Foreign Tax Credits) Bill 1986

Taxation Laws Amendment (Foreign Tax Credits) Act 1986

Explanatory Memorandum

(Circulated by authority of the Treasurer, the Hon. P.J. Keating, M.P.)

FINANCIAL IMPACT

The revenue gain from the introduction of a general foreign tax credit system from the commencement of the 1987-88 income year is estimated at $60 million per annum at 1985-86 levels of income.

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