Proposed reforms to increase FIRB's enforcement powers and
penalties
Over the last six weeks, we have been discussing the proposed
reforms to the Foreign Acquisitions and Takeovers Act 1975
(Cth) and regulations (collectively, the FATA).
During this series we have examined the proposed increase in the
Foreign Investment Review Board's (FIRB)
oversight of areas such as national security and data, as well as
some other amendments intended to streamline the approval process
more generally.
This sixth and final part of the series will discuss the
proposed dramatic expansion of FIRB's enforcement powers and
the accompanying increase in penalties for non-compliance. This
increase in FIRB's and the Australian Taxation Office's
(ATO) powers is consistent with the increasing
focus on ensuring compliance with Australia's foreign
investment rules in recent times. Any suggestions that might have
been made during the parliamentary enquiry into Australia's
foreign investment
