Queensland rules out tax on foreign investment

Queensland rules out tax on foreign investmentThe Palaszczuk Government has ruled out any new taxes that target foreign property investors in Queensland.Queensland Treasurer Curtis Pitt made the pledge following the Victorian Government’s decision to introduce new taxes on foreign investors.”We want to send out a very clear message that Queensland is open for business and that we welcome foreign property investment,” Pitt says.The Property Council of Australia has welcomed the Queensland Government’s decision. “This action will strengthen Queensland’s position on the global investment map. In particular it creates a compelling case to invest in Queensland over Victoria,” says Queensland executive director, Chris Mountford.The changes in Victoria, announced in the recent state Budget, include a three per cent stamp duty surcharge for house transactions from 1 July, and a land tax surcharge of 0.5 per cent to be applied from 2016.”By immediately ruling out new taxes on investment and maintaining its commitment to no new or increased taxes, fees or charges, the Queensland Government will boost confidence and certainty for the property industry and investors in Queensland,” Mountford adds.