Diverted Profits Tax Bills pass Lower House and move to Senate – 40% tax on profits diverted by ‘significant global entities’ to jurisdiction with less than 80% of our tax rate – nasty dispute resolution features too
On Tuesday 21.3.2017, the Lower House passed the Treasury Laws Amendment (Combating Multinational Tax Avoidance) Bill 2017 and the Diverted Profits Tax Bill 2017. The Diverted Profits Tax Bill was passed without amendment but the Multinational Tax Avoidance Bill was amended to clarify the interaction between the controlled foreign companies (CFC) rules in Pt X…