The Australian Taxation Office’s (ATO) response to the High Court’s judgment in the Mills case, where the taxpayer escaped the general anti-avoidance rule (GAAR), shows an acceptance the ruling is not limited to tier one capital raising by banks. The response could also help taxpayers outlining GAAR defences in future litigation.
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Like medicine, tax is an evolving science. Norah Al Khalaf explains how tax policies have changed across the member states of the Gulf Cooperation Council and what tax departments should prepare for next.