Words fail me. Â What do you call the MF’s who sell the country down the gurgler for 30 pieces of silver….?
Our friend Aussie from Aussie News & Views doesn’t hold back: Australian’s don’t give a RATS ARSE who or what offendsÂ Lu Kewen’s new best friends Terror Manual, the Koran.
H/T ZIP, By Malcolm Farr/Daily Telegraph
AUSTRALIA will check our tax laws to ensure they don’t offend the Koran and prevent our access to the $1 trillion Islamic financial market.
The toughest restrictions are linked to Islamic law, or Sharia, which prohibits the payment of interest, known as riba, and bar investment in gambling and alcohol products.
However, the most complex issue relates to finding compatibility between Western tax systems, which concentrate on the details of a transaction, and Islamic “instruments’ which looks at the “economic substance” and can have another outcome.
At stake is the vast network ofÂ the Islamic banking and insurance market worth almost $1 trillion and calculated to soon expand to reach $5 trillion.
“Accessing this major source of capital could assist Australian businesses to diversify their funding base in the future,” Corporate Law Minister Chris Bowen said.
Assistant Treasurer Nick Sherry yesterday announced the launch of the tax law review during a visit to the United Arab Emirates.
“This is not about special treatment or concessions for Islamic finance or its providers, but about ensuring that our system doesn’t unfairly disadvantage or preclude such instruments and, in doing so, deprive Australia of capital, jobs and growth,” Senator Sherry said.
“Islamic finance is a rapidly growing part of the global financial system and Australia is in an excellent position capitalise on that growth, but we have to identify if our tax system doesn’t unnecessarily prevent that from happening.”
The review will be conducted by the Board of Taxation.