US Major Tax Reform – House of Reps passes Bill as debate moves to the Senate – biggest overhaul of US Code since Regan in 1986 – lower & fewer rates, fewer deductions, exacerbates deficit, drives economy, markets love it, some republican Senators hate it (interesting times…)

Tax Month - November 2017

The US House of Representatives on 16 November 2017 approved H.R. 1, Tax Cuts and Jobs Act), containing a broad package of tax cuts affecting businesses, individuals and families. Reuters said this has moved Republicans and President Donald Trump an important step closer to the biggest tax code overhaul in a generation. The largely party-line 227-205 vote in…

Singapore-Australia Free Trade Agreement – regulations to determine regional value content and FTA record keeping and duty refunds

Tax Month - November 2017

The Customs (Singaporean Rules of Origin) Regulations 2017 (SRO Regulations) were registered on Fri 17.11.2017. They prescribe matters relating to the new rules that are required to be prescribed under new Division 1BA of the Customs Act 1901 concerning the Singapore-Australia Free Trade Agreement (SAFTA). The Customs Amendment (Singapore-Australia Free Trade Agreement Amendment Implementation) Act 2017…

Treasury Laws Amendment (2017 Measures No 2) Regulations 2017 – to streamline the GST ‘tourist refund scheme’ and to exempt the Defence Industry science and technology charity: MITRE from income tax

Tax Month - November 2017

The Treasury Laws Amendment (2017 Measures No 2) Regulations 2017 was registered on Fri 17.11.2017. It: amended reg 50-50.02 of the Income Tax Assessment Regulations 1997 to prescribe the MITRE Corporation (MITRE) as exempt from income tax and make a number of other minor technical amendments. The Government says this is to encourage MITRE to operate…

Labor’s tax policies to fight international tax avoidance: ‘tax haven’ notice to shareholders; beneficial owners register; whistleblower bounties; CbC excerpts published; tax domicile disclosed for Federal procurement

Tax Month - November 2017

On Friday 17.11.2017, Shadow Treasurer: Andrew Leigh, spoke on “Halting the [tax] havens” in an address in Adelaide to Australian Petroleum Production & Exploration Association Biennial Taxation & Commercial Conference. It was a wide ranging speech traversing the recent ‘Paradise Papers’ leak and the previous ‘Panama Papers’ leak for the ‘peak’ they gave into multi-national tax planning…

LCG 2015/3 – CbC reporting – Addendum deleted paragraph about exempting entities exempt from tax under Div 50 – Commonwealth and State Entities

Tax Month - November 2017

The Addendum to LCG 2015/3 (Subdivision 815-E of the ITAA 1997: Country-by-Country reporting), released on 31 October 2017, among other things, deletes para 20.  Paragraph 20 formerly stated: “20. We intend to exempt by legislative instrument exempt entities listed in Division 50 of the ITAA 1997 that are significant global entities from CbC reporting. That is, we…