Asst Treasurer Sherry cites “fair and equitable” tax in Oz Forum
Australia’s Assistant Treasurer, Senator the Hon. Nick Sherry, repeatedly referred to Australia's desire to promote a "fair and equitable tax system," as he opened the AVCJ Private Equity & Venture Forum \ ANZ 2010 in Sydney.
Sherry emphasized that Australia realizes the importance of foreign investment dollars, and that the country's lawmakers are actively engaging in discussions with the industry to make a final decision on the government’s draft proposals. His comments follow the continuing controversy over the Australian Taxation Office’s decision to adopt a stringent interpretation of existing law in pursuing TPG Capital for tax on the profits it had made from the IPO of investee company Myer. Prior to taking up his present post in 2009, Sherry was Minister for Superannuation and Corporate Law, which should give him extra context for the debate – and its potential impact on Australia’s superannuation industry.
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