The Australian Senate has published an interim report following five public hearings into international corporate tax and GST (VAT) issues. The report makes 17 recommendations over four areas:
evidence of tax avoidance and aggressive minimisation;
multilateral efforts to combat tax avoidance and aggressive minimisation;
potential areas of unilateral action to protect Australia's revenue base; and
the capacity of Australian government agencies to collect corporate taxes.
A final report is due 30 November 2015 and is expected to focus on transfer pricing and profit shifting, with a secondary focus on:
excessive debt loading;
foreign companies avoiding permanent establishment in Australia;
use of tax havens;
exemptions from general purpose accounting, and
the role of private accounting firms in tax avoidance.
The Australian Senate has published an interim report following five public hearings into international corporate tax and GST (VAT) issues. The report makes 17 recommendations over four areas:
evidence of tax avoidance and aggressive minimisation;
multilateral efforts to combat tax avoidance and aggressive minimisation;
potential areas of unilateral action to protect Australia's revenue base; and
the capacity of Australian government agencies to collect corporate taxes.
A final report is due 30 November 2015 and is expected to focus on transfer pricing and profit shifting, with a secondary focus on:
excessive debt loading;
foreign companies avoiding permanent establishment in Australia;
use of tax havens;
exemptions from general purpose accounting, and
the role of private accounting firms in tax avoidance.
