Bills Digest No. 111, 2016–17
PDF version [557KB]
Paula Pyburne
Law and Bills Digest Section
15 June 2017
Contents
Purpose of the Bill
Background
Foreign investment framework
Consultation
Rationale for the Bill
Committee consideration
Selection of Bills Committee
Senate Standing Committee for the
Scrutiny of Bills
Policy position of non-government
parties/independents
Position of major interest groups
Financial implications
Statement of Compatibility with Human
Rights
Parliamentary Joint Committee on
Human Rights
Key issues and provisions
Exemption certificates
New dwellings
Foreign persons
Established dwellings
By Regulation
Variations
Application
Notifiable actions
Interest in an Australian entity
Interest in residential or
agricultural land
Interest in commercial land
Interest in a mining or production
tenement
Action prescribed by Regulations
Application
Other fees
Interest in securities
Significant action
Variation
Concluding comments
Date introduced: 1
June 2017
House: House of
Representatives
Portfolio: Treasury
Commencement: the
day after Royal Assent
Links: The links to the Bill,
its Explanatory Memorandum and second reading speech can be found on the
Bill’s home page, or through the Australian
Parliament website.
When Bills have been passed and have received Royal Assent,
they become Acts, which can be found at the Federal Register of Legislation
website.
All hyperlinks in this Bills Digest are correct as
at June 2017.
Purpose of
the Bill
The purpose of the Foreign Acquisitions and Takeovers Fees
Imposition Amendment (Fee Streamlining and Other Measures) Bill 2017 (the Bill)
is to amend the Foreign
Acquisitions and Takeovers Fees Imposition Act 2015 (Fees Imposition
Act) to simplify the existing fee framework.
Background
Foreign
investment framework
The legislative framework for Australia’s foreign
investment policy is set out in the Foreign
Acquisitions and Takeovers Act 1975 (FATA) and the Fees
Imposition Act and their associated Regulations.[1]
The FATA allows the Treasurer to review foreign investment proposals
that meet certain criteria. The Treasurer has the power to block foreign
investment proposals or apply conditions to the way proposals are implemented
to ensure they are not contrary to the national interest.
The current foreign investment regime came into effect on 1
December 2015. Compared to the former regime, it features:
- stricter
and more flexible penalties
- a
substantial filing fee regime
- tighter
rules relating to certain sectors (such as agriculture and critical
infrastructure)
- an
exemption certificate scheme for certain investments
- a
more stringent approach to foreign government investors and
- the
creation of a register of foreign held interests in agricultural land and water.[2]
The Fees Imposition Act and the Foreign Acquisitions
and Takeovers Fees Imposition Regulation 2015 set the fees for foreign
investment applications and notices.
Consultation
Once the foreign investment regime had been implemented,
the Government engaged in ongoing consultation with stakeholders on how the
reforms were working in practice. Unintended consequences stemming from the
2015 reforms and opportunities for red tape reduction were duly identified.[3]
Accordingly the Treasury circulated a
consultation paper in March 2017 seeking formal views from stakeholders on a
suite of proposed changes in the areas of residential land, non-vacant
commercial land, low sensitivity business investment, and fees.[4]
Relevant to this Bills Digest the
consultation paper acknowledges that ‘the fees framework can be
difficult for stakeholders to apply and burdensome to administer. There are
also situations where the size of the fee varies with the form of the
investment’.[5]
The consultation paper describes the problem as follows:
The foreign investment framework necessarily casts a broad
net in relation to actions required to be notified to the Treasurer for review.
However, in practice a small percentage of acquisitions that must be notified
raise national interest concerns that result in the Treasurer imposing
conditions or prohibiting the proposal.
This results in a higher than desirable regulatory impost on
business proposals that are of low sensitivity and have to be notified.
Foreign government investors in particular have voiced
concerns about the degree of regulatory burden since foreign government
investor screening requirements were brought into the legislative framework.
While this provided more certainty, these investors are also now required to
notify certain acquisitions under the legislation regardless of the size and value
of the investment, pay fees, and are subject to potential penalties for
non-compliance.[6]
The consultation period closed on 29 March
2017. At the time of writing this Bills Digest, no submissions had been
published on the Treasury website.
Rationale for the Bill
As part of its 2017–18 Budget the Government determined:
Decreasing the number of fee-tiers will reduce
complexity and achieve more equitable fee outcomes. In addition, implementing
more standardised fees for acquisitions of similar values and legislating
current fee waiver principles will provide a more transparent and consistent
approach.[7]
Although the consultation paper covered a
range of issues, the Bill deals only with the matter of fees. It does not amend
the FATA.
Committee
consideration
Selection
of Bills Committee
At the time of writing this Bills Digest, the Bill had not
been referred for inquiry and report.
Senate
Standing Committee for the Scrutiny of Bills
At the time of writing this Bills Digest, the Senate
Standing Committee for the Scrutiny of Bills had not commented on the Bill.
Policy
position of non-government parties/independents
At the time of writing this Bills Digest the position of
non-government parties and independents in relation to the proposed changes to
the Fees Imposition Act had not been stated.
Position of
major interest groups
It has not been possible to assess the position of major
interest groups in relation to the proposals in this Bill.
Financial
implications
According to the Explanatory Memorandum to the Bill,
‘streamlining business fees will have a revenue cost of $400,000 over the
forward estimates’.[8]
Statement of Compatibility with Human Rights
As required under Part 3 of the Human Rights
(Parliamentary Scrutiny) Act 2011 (Cth), the Government has assessed
the Bill’s compatibility with the human rights and freedoms recognised or
declared in the international instruments listed in section 3 of that Act. The
Government considers that the Bill is compatible.[9]
Parliamentary
Joint Committee on Human Rights
At the time of writing this Bills Digest, the
Parliamentary Joint Committee on Human Rights had not commented on the Bill.
Key issues
and provisions
A person who applies for an exemption certificate, gives
notice of a notifiable action, or gives a notice in relation to a proposal to
take a significant action that is not a notifiable action, must pay a fee when
the notice is given or an application is made.[10]
Applications are not considered made and notices are not considered given until
the correct fee has been paid or waived.[11]
The Treasurer may waive fees if he, or she, is satisfied that it is not
contrary to the national interest to do so.[12]
The Bill operates to set the fees with effect from 1 July 2017. Fees in
subsequent years are subject to annual indexation.[13]
Exemption
certificates
Under the foreign investment framework, foreign persons may
receive individual approval for a specific property prior to making the
purchase. Broad pre-approval through ‘exemption certificates’ can be granted
for eligible foreign persons seeking to acquire an established dwelling (the
Established Dwelling Exemption Certificate (EDEC)), or for developers seeking
to sell new dwellings to foreign persons (the New Dwelling Exemption
Certificate (NDEC)).[14]
Currently, subsection 6(1) of the Fees Imposition Act sets out in table
form the fees for applications relating to different categories of exemption
certificates.
Item 1 of the Bill repeals subsections 6(1) and (2)
and inserts proposed subsections 6(1), 6(2) and 6(2A) into the Fees
Imposition Act. Proposed subsection 6(1) remains in table form. The
table provides that some fees are determined in accordance with formulae set
out at proposed subsections 6(2) and 6(2A). In particular, proposed
subsection 6(2) contains a method statement for calculating the fee for an
exemption certificate on an established dwelling where the consideration for
acquisition is more than $1 million but less than or equal to $10 million.
Similarly, proposed subsection 6(2A) contains a method statement for
calculating the fee for an exemption certificate on an established dwelling
where the consideration for acquisition is more than $10 million. The effect of
the changes is as follows.
New
dwellings
The fee for exemption certificates for new dwellings[15]
is currently expressed as a single amount[16]
which is subject to annual indexation. The method for calculating the fee is
unchanged. The amount of the fee has been increased slightly to reflect the 1 July
2017 indexation increase to the current base amount.[17]
According to the Explanatory Memorandum to the Bill, this category of exemption
certificate ‘picks up commercial property developers’.[18]
Foreign
persons
The fee for exemption certificates in relation to foreign
persons acquiring one or more interests in Australian land[19]
is currently calculated using a two-tiered test so that the amount payable is
dependent upon whether the consideration for the acquisition is $1 billion or
less.[20]
If the consideration is $1 billion or less, the application fee set out under
the current provision is $25,000. If the consideration is more than $1 billion,
the application fee set out under the current provision is $100,000. Under the
Bill, the amount of the fee will be expressed as a single amount—$35,000.[21]
Established
dwellings
The fee for an exemption certificate in respect of an established
dwelling[22]
is currently calculated using a two‑tiered test based on whether the consideration
for the acquisition is less than, or more than, $1 million. Where the
consideration is $1 million or less, the fee is $5,000. Where the consideration
is more than $1 million the amount is worked out using the formula set out in existing
subsection 6(2) of the Fees Imposition Act.[23]
The Bill inserts a three-tiered test so:
- where
the consideration for the acquisition is $1 million or less the fee is $5,500[24]
- where
the consideration for the acquisition is more than $1 million but less than or
equal to $10 million the fee is worked out using the method statement in proposed
subsection 6(2)[25]
- where
the consideration for the acquisition is more than $10 million the fee is
worked out using the method statement in proposed subsection 6(2A).[26]
By Regulation
Currently, for exemption certificates provided for by Regulation,[27]
the fee is worked out according to a method prescribed by Regulation—but not
more than $25,000.[28]
The Bill differentiates between such an exemption certificate for residential
land or otherwise. Where the exemption certificate is a residential land
certificate the amount continues to be worked out as prescribed by Regulations.[29]
Where the exemption certificate is for otherwise than residential land the fee
is worked out as prescribed by Regulations—but is not more than $35,000.[30]
Variations
Currently the fee for a variation of an exemption certificate
is expressed as a single amount—$5,000.[31]
The Bill inserts a three-tiered test so that the fee levied is dependent upon
the nature of the original exemption certificate.[32]
According to the Explanatory Memorandum to the Bill the
new fees outlined above:
... will have the effect of better aligning fees across
different categories of investment to achieve a more equitable regime. This
change will create a new low value fee tier avoiding the need for fee waivers
to be applied in many cases where the fee is disproportionate to the size of
the transaction.[33]
Application
Subitem 12(1) of the Bill provides that the
amendments to section 6 of the Fees Imposition Act apply in relation to
a fee payable for an application for an exemption certificate made on or after
1 July 2017.
Notifiable actions
A foreign person who proposes to take a notifiable
action must give a notice to the Treasurer before taking the action.[34]
A notifiable action is a proposed action by a foreign
person:
- to acquire a direct interest in an
Australian entity or Australian business that is an agribusiness; or
- to acquire a substantial interest
in an Australian entity; or
- to acquire an interest in
Australian land.[35]
Currently the fees payable for giving notice of a
notifiable action are set out in table form in subsection 7(1) of the Fees
Imposition Act. The table provides that some fees are determined in
accordance with the formula in subsection 7(2) and the cap in subsection 7(3). Item
3 of the Bill repeals and replaces the whole of section 7. The effect of
the changes is as follows.
Interest in
an Australian entity
Currently, where the action is to acquire a direct
interest[36]
in an Australian entity or an Australian business that is an agribusiness or to
acquire a substantial interest[37]
in an Australian entity, there is a two-tiered test.[38]
The test is based on the consideration for the acquisition. Where the
consideration is $1 billion or less the fee is $25,000. Otherwise the fee is
$100,000.
The Bill changes the two-tiered test to a three-tiered
test so:
- where
the consideration for the acquisition is $10 million or less—the fee is $2,000[39]
- where
the consideration for the acquisition is more than $10 million but less than or
equal to $1 billion—the fee is $25,300[40]
and
- where
the consideration for the acquisition is more than $1 billion—the fee is
$101,500.[41]
Interest in
residential or agricultural land
Currently, where the notifiable action is to acquire an
interest in residential land or agricultural land, there is a two tiered test
which applies in the same way whether the land is residential land or
agricultural land.[42]
Where the consideration for the acquisition is $1 million or less the fee is
$5,000. Otherwise the fee is worked out in accordance with existing subsections
7(2) and (3). Importantly, where the acquisition is of an interest in
agricultural land, the fee is capped at $100,000.
The Bill differentiates between agricultural land and
residential land. Whilst a three-tiered test based on the consideration for the
acquisition is applied to both categories of land, the monetary amounts are not
the same. The effect of these changes is:
- for
agricultural land:
-
if
the consideration is $2 million or less —the fee is $2,000[43]
- if
the consideration is more than $2 million but less than or equal to $10
million—the fee is $25,300[44]
and
- if
the consideration is more than $10 million—the fee is $101,500.[45]
- for
residential land:
-
if
the consideration is $1 million or less—the fee is $5,500[46]
- if
the consideration is more than $1 million but less than or equal to $10
million—the fee is worked out using the method statement in proposed
subsection 7(2)[47]
and
- if
the consideration is more than $10 million—the fee is worked out using the
method statement in proposed subsection 7(3).[48]
Interest in
commercial land
Currently, where the notifiable action is to acquire an
interest in commercial land other than commercial land that is vacant, the fee
is expressed as a single amount—$25,000.[49]
Where the notifiable action is to acquire an interest in commercial land that
is vacant, the fee is expressed as a single amount—$10,000.[50]
The Bill operates so that the fee for notifying an
intention to acquire an interest in commercial land is the same whether the
land is vacant or not. The Bill inserts a three-tiered test based on the
consideration for the acquisition so:
- if
the consideration is $10 million or less—the fee is $2,000[51]
- if
the consideration is more than $10 million but less than or equal to $1 billion—the
fee is $25,300[52]
and
- if
the consideration is more than $1 billion—the fee is $101,500.[53]
Interest in
a mining or production tenement
Where the notifiable action is to acquire an interest in a
mining or production tenement, the fee is currently expressed as a single
amount—$25,000.[54]
Under the Bill the fee continues to be expressed as a single amount—$25,300.[55]
Action
prescribed by Regulations
Where the notifiable action is one that is prescribed by Regulations
the fee is an amount prescribed by Regulations or worked out using a method set
out in regulations, but is not more than $100,000.[56]
The Bill retains the method for calculating the fee but
increases the maximum amount payable to $101,500.[57]
Application
Subitem 12(2) of the Bill provides that the
amendments to section 7 of the Fees Imposition Act apply in relation to
a fee payable for a notice of notifiable action given on or after 1 July 2017.
Other fees
Under the FATA, a significant action
is an action to acquire interests in securities, assets or Australian land, or
otherwise take action in relation to entities (being corporations and unit
trusts) and businesses, that have a connection to Australia. For an action to
be a significant action, the action must result in a change in control
involving a foreign person or be taken by a foreign person.[58]
Some significant actions are notifiable actions.[59]
Section 8 of the Fees Imposition Act provides for
other fees to be paid in the circumstances that are set out in the table in
subsection 8(1). Item 4 of the Bill repeals and replaces items 1 and 2
of that table. The effect of the amendments is set out below.
Interest in
securities
Currently, if the action is to acquire an interest in
securities in an entity that is not a substantial interest in the entity, to
issue securities in an entity or to acquire interests in assets of an
Australian business then the fee payable is calculated based on consideration
for the issue or acquisition. Where the consideration is $1 billion or less the
fee is $25,000. Otherwise, the fee is $100,000.[60]
The Bill inserts a three-tiered test based on the
consideration for the acquisition so:
- if
the consideration is $10 million or less—the fee is $2,000[61]
- if
the consideration is more than $10 million but less than or equal to $1 billion—the
fee is $25,300[62]
and
- if
the consideration is more than $1 billion—the fee is $101,500.[63]
Significant
action
Where the action is:
- to
enter an agreement relating to the affairs of the entity and under which one or
more senior officers of the entity will be under an obligation to act in
accordance with the directions, instructions or wishes of a foreign person who
holds a substantial interest in the entity (or of an associate of such a
foreign person)[64]
- to
alter a constituent document of the entity as a result of which one or more
senior officers of the entity will be under an obligation to act in accordance
with the directions, instructions or wishes of a foreign person who holds a
substantial interest in the entity (or of an associate of such a foreign person)[65]
- to
enter or terminate a significant agreement[66]
with an Australian business
the fee is currently expressed as a single figure, being
$25,000.[67]
The Bill retains the fee as a single figure but reduces the amount payable to
$10,100.[68]
Variation
Currently a fee applies where a person seeks to vary a no
objection notification under subsection 76(6) of the FATA.[69]
The current fees set out in subsection 8(2) are:
- if
the action specified in the notification is an acquisition of an interest in Australian
land—$5,000
- otherwise—$10,000.
Item 5 of the Bill replaces the reference to
Australian land with a reference to residential land and increases the fee to
$5,100. Item 6 of the Bill increases the other fee to $10,100.
Concluding
comments
The Bill is said to arise from stakeholder comments
following the significant changes to Australia’s foreign investment
framework—including the imposition of fees—in 2015.[70]
This represented a significant change to the manner in which Australia dealt
with foreign persons (which includes foreign governments[71])
who wished to invest in this country.
The bulk of the amendments in this Bill either set a
capped fee or provide for a three-tiered test which allows for the calculation
of the relevant fee depending on the consideration for the specific
acquisition. The amendments should provide a more consistent approach to fees.[72]
[1]. P
Pyburne, Foreign
Acquisitions and Takeovers Legislation Amendment Bill 2015 [and] Foreign
Acquisitions and Takeovers Fees Imposition Bill 2015, Bills digest, 52,
2015–16, Parliamentary Library, Canberra, 23 November 2015.
[2]. R
Graham, Proposed
changes to Australia's foreign investment regime, Briefing note, Clifford
Chance, Sydney, March 2017.
[3]. Treasury,
‘Foreign
investment framework 2017 legislative package’, Treasury website, 8 March
2017.
[4]. Ibid.
[5]. Treasury,
Foreign
investment framework: 2017 legislative package, Consultation paper,
Treasury, Canberra, March 2017, p. 2.
[6]. Ibid.,
p. 10, paragraphs 65–67.
[7]. Australian
Government, Budget
2017: a foreign investment regime that facilitates investment and protects the
national interest, Fact sheet, Australian Government, Canberra.
[8]. Explanatory
Memorandum, Foreign Acquisitions and Takeovers Fees Imposition Amendment
(Fee Streamlining and Other Measures) Bill 2017, p. 3.
[9]. The
Statement of Compatibility with Human Rights can be found at page 27 of the Explanatory
Memorandum to the Bill.
[10]. Foreign
Acquisitions and Takeovers Act, section 113. These actions are explained
below.
[11]. Foreign
Acquisitions and Takeovers Act, section 114.
[12]. Foreign
Acquisitions and Takeovers Act, section 115.
[13]. Fees
Imposition Act, section 12.
[14]. Treasury,
Foreign
investment framework: 2017 legislative package, op. cit., p. 3,
paragraph 16.
[15]. Foreign
Acquisitions and Takeovers Act, section 57.
[16]. Fees
Imposition Act, subsection 6(1), table items 1 and 5 respectively.
[17]. Fees
Imposition Act, proposed subsection 6(1), table item 1.
[18]. Explanatory
Memorandum, Foreign Acquisitions and Takeovers Fees Imposition Amendment
(Fee Streamlining and Other Measures) Bill 2017, p. 15.
[19]. Foreign
Acquisitions and Takeovers Act, section 58. Note that the term ‘interest in
Australian land’ is defined in section 12 of the Foreign Acquisitions and
Takeovers Act.
[20]. Fees
Imposition Act, subsection 6(1), table item 2.
[21]. Fees
Imposition Act, proposed subsection 6(1), table item 2.
[22]. Foreign
Acquisitions and Takeovers Act, section 59.
[23]. Fees
Imposition Act, subsection 6(1), table item 3.
[24]. Fees
Imposition Act, proposed subsection 6(1), table item 3(a).
[25]. Fees
Imposition Act, proposed subsection 6(1), table item 3(b).
[26]. Fees
Imposition Act, proposed subsection 6(1), table item 3(c).
[27]. Foreign
Acquisitions and Takeovers Act, section 63.
[28]. Fees
Imposition Act, subsection 6(1), table item 4.
[29]. Fees
Imposition Act, proposed subsection 6(1), table item 4(a).
[30]. Fees
Imposition Act, proposed subsection 6(1), table item 4(b).
[31]. Fees
Imposition Act, subsection 6(1), table item 5.
[32]. Fees
Imposition Act, proposed subsection 6(1), table items 5(a)–(c).
[33]. Explanatory
Memorandum, Foreign Acquisitions and Takeovers Fees Imposition Amendment
(Fee Streamlining and Other Measures) Bill 2017, p. 6.
[34]. Foreign
Acquisitions and Takeovers Act, section 81.
[35]. Foreign
Acquisitions and Takeovers Act, section 46. Generally, the action is only
notifiable if the entity, business or land meets the threshold test. A
different threshold test applies for certain notifiable actions taken in
relation to agribusinesses.
[36]. Section
16 of the Foreign
Acquisitions and Takeovers Regulation 2015 provides that a direct
interest in an entity or business is (a) an interest of at least 10 per
cent in the entity or business or (b) an interest of at least five per cent in
the entity or business if the person who acquires the interest has entered a
legal arrangement relating to the businesses of the person and the entity or
business or (c) an interest of any percentage in the entity or business if the
person who acquired the interest is in a position to influence or participate
in the central management and control of the entity or business or to
influence, participate in or determine the policy of the entity or business.
[37]. Section
4 of the Foreign Acquisitions and Takeovers Act provides that a person
holds a substantial interest in an entity or trust if (a) for an entity—the
person holds an interest of at least 20 per cent in the entity or (b) for a
trust (including a unit trust)—the person, together with any one or more
associates, holds a beneficial interest in at least 20 per cent of the income
or property of the trust.
[38]. Fees
Imposition Act, subsection 7(1), table item 1.
[39]. Fees
Imposition Act, proposed subsection 7(1), table item 1(a).
[40]. Fees
Imposition Act, proposed subsection 7(1), table item 1(b).
[41]. Fees
Imposition Act, proposed subsection 7(1), table item 1(c).
[42]. Fees
Imposition Act, subsection 7(1), table item 2.
[43]. Fees
Imposition Act, proposed subsection 7(1), table item 2(a).
[44]. Fees
Imposition Act, proposed subsection 7(1), table item 2(b).
[45]. Fees
Imposition Act, proposed subsection 7(1), table item 2(c).
[46]. Fees
Imposition Act, proposed subsection 7(1), table item 3(a).
[47]. Fees
Imposition Act, proposed subsection 7(1), table item 3(b).
[48]. Fees
Imposition Act, proposed subsection 7(1), table item 3(c).
[49]. Fees
Imposition Act, subsection 7(1), table item 3.
[50]. Fees
Imposition Act, subsection 7(1), table item 4.
[51]. Fees
Imposition Act, proposed subsection 7(1), table item 4(a).
[52]. Fees
Imposition Act, proposed subsection 7(1), table item 4(b).
[53]. Fees
Imposition Act, proposed subsection 7(1), table item 4(c).
[54]. Fees
Imposition Act, subsection 7(1), table item 5.
[55]. Fees
Imposition Act, proposed subsection 7(1), table item 5. The Explanatory
Memorandum states that the increase from $25,000 to $25,300 ‘incorporate[s]
2016–17 financial year indexation’: Explanatory
Memorandum, Foreign Acquisitions and Takeovers Fees Imposition Amendment
(Fee Streamlining and Other Measures) Bill 2017, p. 24.
[56]. Fees
Imposition Act, subsection 7(1), table item 6.
[57]. Fees
Imposition Act, proposed subsection 7(1), table item 6.
[58]. Foreign
Acquisitions and Takeovers Act, section 39.
[59]. Foreign
Acquisitions and Takeovers Act, section 38.
[60]. Fees
Imposition Act, subsection 8(1), table item 1.
[61]. Fees
Imposition Act, proposed subsection 8(1), table item 1(a).
[62]. Fees
Imposition Act, proposed subsection 8(1), table item 1(b).
[63]. Fees
Imposition Act, proposed subsection 8(1), table item 1(c).
[64]. Foreign
Acquisitions and Takeovers Act, paragraph 40(2)(d).
[65]. Foreign
Acquisitions and Takeovers Act, paragraph 40(2)(e).
[66]. Section
4 of the Foreign Acquisitions and Takeovers Act, provides that a significant
agreement with an Australian business is an agreement relating to the
leasing of, the letting on hire of, or the granting of other rights to use,
assets of the business; or the participation by a person in the profits or
central management and control of the business.
[67]. Fees
Imposition Act, subsection 8(1), table item 2.
[68]. Fees
Imposition Act, proposed subsection 8(1), table item 2.
[69]. Fees
Imposition Act, subsection 8(2).
[70]. Parliament
of Australia, ‘Foreign
Acquisitions and Takeovers Legislation Amendment Bill 2015 homepage’,
Australian Parliament website.
[71]. Foreign
Acquisitions and Takeovers Act, section 4.
[72]. Explanatory
Memorandum, Foreign Acquisitions and Takeovers Fees Imposition Amendment
(Fee Streamlining and Other Measures) Bill 2017, p. 5.
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