australia: Australia doubles foreign investment application fees
The Foreign Acquisitions and Takeovers Fees Imposition Amendment (Fee Doubling) Regulations 2022 stated the fees will be doubled as per FIRB approvals.
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The increased fees will be applicable to any foreign investment notifications and applications made on or after 29th July. For any notifiable action given or applied before 29th, the payable fee will be the fee specified in the pre-29th July fee schedule.
From 29 July 2022, the lowest applicable fee will increase from $2,000 to $4,000, and the highest applicable fee from $522,500 to $1.045 million.
Foreign investors may now incur a significantly higher cost to invest in Australia as a result of the new regulations. The key changes have been mentioned below.
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The fees will continue to be indexed annually. The Government has also indicated that it will increase the penalties for non-compliance with Australia’s foreign investment laws. The anticipated increases are expected to double the current maximum penalties for certain breaches of Australia’s foreign investment laws.
Due to the fact that all foreign investment circumstances are unique, investors should plan ahead of time for whether their proposed actions require FIRB approval and keep in mind the budget for the increased cost of getting FIRB approval.
It is essential for all investors to correctly identify the payable fees when lodging for FIRB applications. The timeframe for FIRB to consider applications only commences once the applicant has paid the relevant FIRB fee.