logo
Receive the latest mybusiness news
SUBSCRIBE TO OUR NEWSLETTER
Copyright © 2020 MOMENTUMMEDIA

Tax rules for multinationals pass parliament

Katarina Taurian
Katarina Taurian
17 August 2018 1 minute readShare

Federal parliament passed new legislation to give force to an international convention, which purports to lessen multinational tax avoidance.

On Thursday (16 August, 2018), amendments to the International Tax Agreements Act 1953 were made, after first being introduced in March.

The amendments seek to give support under Australian law to the OECD’s Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting, which seeks to “lessen the opportunity for tax avoidance” across international borders.

Advertisement
Advertisement

The convention will take full effect once Australia and its treaty partners have completed relevant ratification procedures.

This is the latest in a series of government measures to address multinational tax avoidance.

 

Accountants have been grappling with new compliance requisites for clients with overseas holdings and associations, with some finding clients mistakenly thinking that they’re not captured by new reporting requirements.

SPONSORED CONTENT

 

Tax rules for multinationals pass parliament
mybusiness logo
Katarina Taurian
Katarina Taurian

Adam Zuchetti is the editor of My Business, and has steered the publication’s editorial direction since early 2016. 

The two-time Publish Awards finalist has an extensive journalistic career across business, property and finance, including a four-year stint in the UK. Email Adam at [email protected]

Leave a Comment

Latest poll

Which of the following stimulus measures has had the greatest impact on your business?