The Finance Minister announced on 1 February 2008 that the government will halve the withholding tax rate applicable to certain payments to non-residents from Australian managed investment funds. The reduced rate of 15% is expected to apply from 1 July 2008. At present, certain distributions to non-residents from Australian "managed investment trusts" and intermediaries are subject to a flat withholding tax at the rate of 30% regardless of the identity of the recipient. This is in contrast to withholding tax imposed on payments to non-residents from other types of trusts, the rate of which generally depends on the type of...