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…

Substantive enactment of major tax Bills: AASB withdraws Interpretation [62]

The AASB has approved Australian Accounting Standard AASB 2012-9 to withdraw Australian Interpretation 1039 Substantive Enactment of Major Tax Bills in Australia for annual reporting periods beginning on or after 1 January 2013, with early application permitted. The AASB has also issued an Agenda Decision addressing the issue of when it would be appropriate to conclude that…

Starbucks to volunteer tax payments in the UK by not claiming deductions on royalties to a related Dutch company – HMR&C not amused [59]

Reuters (London) has reported that coffee chain Starbucks said it could voluntarily pay about £20m in corporation tax in Britain over the next 2 years. “We are making a commitment that we will propose to pay a significant amount of corporation tax during 2013 and 2014 regardless of whether our company is profitable during these…

SA: stamp duty concession for off-the-plan apartments; payroll tax: Bills receive Assent [55]

The Statutes Amendment and Repeal (Budget 2012) (No 2) Bill2012 (SA) and the Payroll Tax(Miscellaneous) Amendment Bill 2012 (SA) have received Royal Assent on Thur 6.12.2012. The Budget Bill introduces a stamp duty concession for purchases of off-the-plan apartments as announced in the 2012-13 SA Budget. It also removes the current payroll tax exemption for…