Treasury received 8 submissions in relation to its December 2016 Consultation Paper on Australia’s adoption of the OECD BEPS Multilateral Instrument. The submissions, which have now been released by Treasury, were made by:
- Australian Private Equity & Venture Capital Association Limited
- Chartered Accountants Australia and New Zealand
- Corporate Tax Association
- Ernst & Young
- Insurance Council of Australia
- Minerals Council of Australia
- Tax Justice Network Australia.
The Multilateral Instrument (MLI), which was released by the OECD in November 2016, is a multilateral treaty that will enable jurisdictions to swiftly modify their bilateral tax treaties to implement BEPS measures. Australia signed the MLI on 7 June 2017 and the details of the main features of the MLI and Australia’s provisional adoption provisions are outlined on the Treasury website.