Australia's Assistant Treasurer, Chris Bowen, has announced that the government wants taxpayers to help shape the country's future tax treaty negotiation programme and policy.
“The Government is committed to ensuring Australia’s tax treaties remain relevant to evolving business directions,” Bowen explained.
“In setting the future direction for Australia’s tax treaties we are interested in hearing from the public on which countries Australia should be negotiating with and the key outcomes we should be seeking with those countries," he added.
The government is particularly interested in receiving public submissions on the countries with which it may be desirable to negotiate or update a tax treaty, and the appropriateness of Australia’s tax treaty policy and drafting approaches, as reflected in recent treaties.
Bowen also announced that the government is keen to encourage taxpayers to help it renegotiate the double taxation avoidance treaty with New Zealand, one of the country's most important tax agreements.
“New Zealand is a country with which Australia shares an exceptionally close trade and investment relationship. Any changes made to streamline taxation arrangements through the renegotiation of the treaty will be to the benefit of both the Australian and New Zealand economies," Bowen observed.
“The existing tax treaty with New Zealand, signed in 1995, is an important feature of the broader trans-Tasman market framework," he added.
While changes were made to the treaty in 2005 to strengthen its integrity aspects, the provisions of the treaty of most interest to business and investors, including the rates of withholding tax applicable to dividends, interest and royalty payments, have remained unchanged.
“Consequently, the revision of Australia’s tax treaty with New Zealand presents an important opportunity for interested parties to have their say on how tax treaty arrangements between the two countries should be updated to enhance the mutual conduct of business,” Bowen noted.
Taxpayers are able to make submissions on the New Zealand tax treaty and on Australia’s tax treaty programme to the Treasury until 21st March 2008.
Australia has negotiated a network of comprehensive tax treaties with more than 40 other countries.
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