All material subject to strictly enforced copyright laws. © 2022 ITR is part of the Euromoney Institutional Investor PLC group.

Australia ratifies multilateral tax cooperation agreement

aus.jpg

Australia’s Assistant Treasurer, David Bradbury, has announced that the country has ratified the Convention on Mutual Administrative Assistance in Tax Matters.

“The Convention is designed to promote international cooperation between national revenue authorities to help enforce national tax laws,” said a press release from the Assistant Treasurer.

The Convention allows for the exchange of information and for the mutual assistance in the recovery or pursuit of taxes and related documents.

“Ratifying the Convention underlines the government’s long-standing commitment to international cooperation to help prevent tax avoidance and evasion,” said Bradbury, adding that the Convention will also complement Australia’s existing tax treaty and tax information exchange agreement networks.

The Convention will enter into force for Australia on December 1 2012.

The Convention – developed jointly by the OECD and the Council of Europe – has now been signed by 38 countries. And 21 African countries have also reached consensus on the text of an African Agreement on Mutual Assistance in Tax Matters, indicating broad progress both from the OECD and others in this area of tax cooperation.

more across site & bottom lb ros

More from across our site

Vikas Garg talks to reporter Siqalane Taho about how regulation, technology and the goods and services tax has affected the manufacturing company.
A major shift is underway in tax as the profession transitions from a mostly accounting and finance sector to a hybrid industry that requires significant IT skills, say tax experts.
The Biden administration is about to give $80 billion to the Internal Revenue Service to enhance the tax authority’s enforcement processes and IT systems.
Audi, Porsche, and Kia say their US clients will face higher prices under the Inflation Reduction Act after the legislation axes an important tax credit for electric vehicle production.
This week Brazil’s former President Luiz Inacio Lula da Silva came out in support of uniting Brazil’s consumption taxes into one VAT regime, while the US Senate approved a corporate minimum tax rate.
The Dutch TP decree marks a turn in the Netherlands as the country aligns its tax policies with OECD standards over claims it is a tax haven.
Gorka Echevarria talks to reporter Siqalane Taho about how inflation, e-invoicing and technology are affecting the laser printing firm in a post-COVID world.
Tax directors have called on companies to better secure their data as they generate ever-increasing amounts of information due to greater government scrutiny.
Incoming amendments to the treaty could increase costs on non-resident Indian service providers.
Experts say the proposed minimum tax does not align with the OECD’s pillar two regime and risks other countries pulling out.
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree