Original article by James Eyers
The Australian Financial Review – Page: 15 : 12-Jun-15

Australia, New Zealand, Singapore, Thailand, South Korea and the Philippines have agreed to participate in the Asia Region Funds Passport initiative. Australia’s Assistant Treasurer Josh Frydenberg hopes to convince Japan to sign up as well. However, Australia may come under pressure to reduce the withholding tax rate on the income of foreign investors, amid concerns that it is a deterrent for offshore investors. The Financial Services Council advocates reducing the tax from 15 per cent to five per cent for investments made via the Funds Passport.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, FINANCIAL SERVICES COUNCIL, ASIA-PACIFIC ECONOMIC CO-OPERATION, MITSUBISHI UFJ FINANCIAL GROUP INCORPORATED, JAPAN. FINANCIAL SERVICES AGENCY, NIKKO ASSET MANAGEMENT GROUP, PRICEWATERHOUSECOOPERS