One tax treaty to rule them all

AT A PUBLIC hearing on Monday, the Joint Committee on Treaties will discuss a new treaty that will target international tax evasion.

The Multilateral Tax Treaty will complement existing treaties to establish a consistent global framework to prevent tax evasion by shifting profits to low tax countries.

Committee Chair, Mr Stuart Robert MP, said that this was the first truly international treaty to tackle international tax evasion.

“Using a set of principles developed by the OECD, this treaty will attempt to tie together a range of different agreements between countries so that international tax evaders have nowhere to hide,” the Chair said.

The treaty will also have benefits for businesses operating internationally by ensuring that they are not subject to double taxation.

Mr Robert said, “Australia alone has 43 bilateral tax evasion treaties.  This move towards a single international framework with consistent principles may be a great advance in the fight against international tax evasion.”

Public hearing details: 11:45 am to 12:30 pm, Monday, 11 September, Committee Room 2R1, Parliament House, Canberra

11:45am: Treasury and the Australian Tax Office
12:30pm: Close

The hearing will be broadcast live at aph.gov.au/live.

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