Wednesday, 28 October 2020
Foreign Acquisitions and Takeovers Fees Imposition Amendment Bill 2020; Second Reading
That this bill be now read a second time.
This bill amends the Foreign Acquisitions and Takeovers Fees Imposition Act 2015.
This bill forms part of the broader reform package to strengthen the foreign investment framework, as announced by the Prime Minister and the Treasurer on 5 June this year.
The bill updates the existing fee framework to take into account the new roles and responsibilities of various government departments and agencies in the foreign investment framework, including to administer the new national security test and the expanded suite of compliance measures. It also takes into account the growing complexity of cases.
The government has long maintained that the cost of administering the foreign investment review framework should be borne by foreign investors, not Australian taxpayers. The government continues to hold this view.
The proposed amendments to the fee framework will ensure a fairer and simpler framework for foreign investment fees, while continuing to offset the full cost of the package.
Full details of the measure are contained in the explanatory memorandum.