CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Australian Senate Passes Multinational Anti-Avoidance Law

Australian Senate Passes Multinational Anti-Avoidance Law

by Mary Swire, Tax-News.com, Hong Kong

07 December 2015


The Australian Senate has passed legislation that will require companies that "avoid" taxes to pay back double what they owe, plus interest.

The new Multinational Anti-Avoidance Law (MAAL) will cover all multinationals operating in Australia with global revenues of more than AUD1bn (USD730.7m). Approximately 1,000 companies will be affected.

The Tax Laws Amendment (Combating Multinational Tax Avoidance) Bill also provides for the implementation of the country-by-country reporting requirements developed by the Organisation for Economic Cooperation and Development, and the introduction of new transfer pricing documentation standards.

The Government has consulted with both the Australian Taxation Office (ATO) and the Board of Taxation in the preparation of the package and made a number of amendments to reflect the recommendations of the Green Party in the Senate. Treasurer Scott Morrison and Finance Minister Mathias Cormann added that, as a result of discussions with a number of the affected companies, the ATO "now has additional detailed information of how many of these companies structure their tax affairs to avoid paying their fair share."

TAGS: compliance | tax | tax compliance | tax avoidance | interest | Australia | tax authority | multinationals | legislation | tax planning | transfer pricing | tax reform | standards

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »