November 23, 2021
Australia’s Foreign Investment Review Board announces cut-off for end of year processing
On 22 November 2021, Australia’s Foreign Investment Review Board (FIRB) officially announced a cut-off to its end of year case processing. The announcement means that any notifications or applications filed with FIRB from 22 November that require FIRB approval are likely to be finalized next year (2022). This is based on the current statutory timeframe of 30 days (and an additional 10 days for notification) for FIRB approval and the high volume of notifications received by FIRB as a result of the high levels of M&A activity in the economy.
For additional information with respect to this Alert, please contact the following:
Ernst & Young (Australia), Corporate Law, Sydney
Ernst & Young LLP (United States), Australia Tax Desk, New York
Ernst & Young LLP (United Kingdom), Australia Tax Desk, London