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Global rules on foreign direct investment (FDI)
Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
Global | Publication | December 2017
Yesterday the re-elected Queensland State Government issued its Mid Year Fiscal and Economic Review 2017/18 which confirmed its intention to increase the highest band of land tax by 0.5% for aggregated holdings above $10 million from 1 July 2018. If implemented, this will have an impact on the value of commercial, retail, industrial and tourism property portfolios.
In fact, analysis by the Property Council of Australia (PCA) reveals that the land tax increase would wipe between $1 billion and $1.25 billion off the value of commercial property values in Queensland. It is also intended that Queensland’s lower additional foreign acquirer duty will be increased from 3% to 7% from 1 July 2018 in line with other jurisdictions. The PCA is asking the Government to undertake a full review of the property tax framework in the new year prior to moving to implement these proposed increases.
These revenue measures announced by the Government are part of a package for the period 2017-18 to 2020-21, in which taxation estimates have been increased by $521 million, most of which is due to revenue measures announced by the Government (through a combination of expenditure reprioritisations and revenue measures, including those above) to be implemented in consultation with key stakeholders.
For further information about this update or real estate investment in Australia generally, please contact Michael French on (07) 3414 2252.
Publication
Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
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On February 2, 2024, the Belgian Presidency of the Council of the European Union confirmed that the Committee of Permanent Representatives had signed the Artificial Intelligence (AI) Regulation, referred to as the AI Act. Approval by the EU Parliament followed on 13 March 2024, and the AI Act is likely to appear in the EU’s Official Journal around May 2024. The AI Act aims to establish a stringent legal framework governing the development, marketing, and utilisation of artificial intelligence within the region, thereby marking a significant advancement in the regulation of this burgeoning domain.
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The EU’s Artificial Intelligence Regulation, commonly referred to as the AI Act, is expected to come into force during the summer of 2024 (the AI Act). The AI Act will be the first comprehensive legal framework for the use and development of artificial intelligence (AI), and is intended to ensure that AI systems developed and used in the EU are safe, transparent, traceable, non-discriminatory and environmentally friendly.
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