On 18 October 2010 the Assistant Treasurer, the Hon Bill Shorten MP, released a discussion paper on the design and implementation details of the Government’s proposed new tax system for MITs.  The discussion paper follows the Government’s previous announcement on 7 May 2010, in which it provided an initial response to the Board of Taxation’s report into the tax arrangements applying to MITs.  The proposed new MIT tax system builds upon the existing MIT withholding tax rules and capital account election concession for MITs.