The OECD has released 2 new BEPS discussion drafts: Transfer pricing aspects of cross-border commodity transactions. Deals with work in relation to BEPS Action 10. Action 10 identifies that work needs to be undertaken to develop rules to prevent BEPS by engaging in transactions which would not, or would only very rarely, occur between third…
On 18 December 2014, the OECD released discussion drafts of 2 new elements of the OECD International VAT/GST Guidelines. The OECD Committee on Fiscal Affairs (CFA) is developing the Guidelines to address issues of double taxation and unintended non-taxation resulting from inconsistencies in the application of VAT to international trade. The first 3 chapters of these Guidelines…
The OECD has just released its Economic Survey of Australia (dated 16 December 2014). The Survey recommended that Australia: Rebalance its tax mix ie shift away from income and transaction taxes, make greater use of efficient tax bases such as the GST and land tax. Prioritise corporate-tax rate cuts. Reduce regulatory burdens. Continue to be tough on…
Reuters has reported that the Luxembourg public prosecutor’s office advised on 12 December 2014 that a Luxembourg judge has charged a former PricewaterhouseCoopers employee suspected of leaking documents about secret corporate tax deals with theft and giving away business secrets. It said in a statement that, on 12 December 2014, an examining magistrate had also charged the unidentified person…
Trade and Investment Minister Andrew Robb has announced that Australia’s Free Trade Agreement with South Korea will enter into force on 12 December 2014. The Agreement’s entry into force will mean that many Australian exporters will benefit from an immediate tariff cut by Korea, and a further tariff cut on 1 January 2015, Mr Robb said. Under the Agreement,…
Senator the Hon Arthur Sinodinos AO, Senator for NSW, has announced that he will be resigning as Assistant Treasurer with effect from close of business on Friday, 19 December 2014. He said he has written to the Prime Minister in those terms. Senator Sinodinos confirmed that he had been confidentially discussing his ministerial future with the Prime…
The Governor-General has appointed Mr Geoffrey Arthur Akeroyd Nettle QC, a member of the Court of Appeal of the Supreme Court of Victoria, as the next Justice of the High Court. Justice Nettle will replace Justice Susan Crennan AC, who leaves the Court on 3 February 2015. Justice Nettle began his professional career as a solicitor at Mallesons Stephen Jaques in…
The Treasurer on Mon 15.12.2014, released the 2014-15 Mid-Year Economic and Fiscal Outlook (MYEFO). He said that, as a result of recent events, such as the halving of the export price for iron ore and the fall in wheat prices, tax receipts are expected to fall by $6.2bn this year and a total of nearly…
The final report of the Murray Financial System Inquiry was released on Sun 7.12.2014. The Inquiry made 44 recommendations relating to the Australian financial system. The Inquiry identified 2 general themes where there is significant scope to improve the functioning of the financial system: 1. Funding the Australian economy; and 2. Competition. The Inquiry identified…
The Taxation Administration Act 1953 – Pay as you go withholding – Tax table for additional amounts to withhold as a result of an agreement to increase withholding was registered on Wed 10.12.2014. It is designed to help employers and other payers withhold additional amounts from payments made to a payee when the payee has…