*Institutional investors back global tax reform modernisation and transparency at G20 Summit [10]

A group of institutional asset owners and managers have jointly called for comprehensive transparency and disclosure to be adopted as core principles in reform of the international taxation system to be put before the G20 Leaders Summit in Brisbane on 12-14 November 2014. The group, including the £150bn UK Local Authority Pension Fund Forum (LAPFF), Quebec fund…

*G20 Leaders endorse reporting standard on tax info, commit to finalise BEPS in 2015 [12]

In their G20 Leaders’ Communiqué at the end of the G20 Brisbane Summit on 15-16 November 2014, the G20 Leaders welcomed the progress on the G20/OECD Base Erosion and Profit Shifting (BEPS) Action Plan and committed to finalising this work in 2015, including transparency of taxpayer-specific rulings found to constitute harmful tax practices. The Leaders also: Welcomed…

*China and Australia complete negotiations for Free Trade Agreement; revised DTA to follow [8]

The Prime Minister on Mon 17.11.2014, announced the completion of negotiations for a China-Australia Free Trade Agreement. With a view to maximising the benefits of the FTA for business, Australia and China have also agreed to review their bilateral taxation arrangements, including relief from double taxation. Key outcomes under the China-Australia FTA include: More than…

*BEPS: OECD releases discussion drafts on Action 7 (Artificial avoidance of PE status and Action 10 (transfer pricing guidance of management fees etc.) [9]

The OECD has released 2 new discussion drafts of the BEPS Action Plan on: Action 7 – Prevent the Artificial Avoidance of PE Status. Action 10 – Proposed Modifications to Chapter VII of the Transfer Pricing Guidelines Relating to Low Value-Adding Intra-Group Services. The Action 7 draft includes the preliminary results of the work carried…

*Trusts and phoenix taskforces info sharing; defence force tax exemption: regs amended [5]

The Tax and Superannuation Laws Amendment (2014 Measures No 3) Regulation 2014 was registered on Mon 17.11.2014. It amends the Taxation Administration Regulations 1976 to allow for the sharing of taxation information between the ATO and other agencies for the purposes of investigations being carried out by the Trusts Taskforce and the Phoenix Taskforce. In…