On February 8, 2018 the Australian Government opened a public consultation on Exposure Draft legislation would give the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (the MLI), the force of law in Australia. Interested parties can submit responses to this consultation up until February 23, 2018.
As stated above the Exposure Draft legislation would give the MLI the force of law in Australia. Pending the ratification of the MLI by Australia and its bilateral tax treaty partners, the MLI will modify the majority of Australia’s bilateral tax treaties to implement the relevant BEPS outcomes.
The Australian Government invites all interested parties to make a submission in relation to the Exposure Draft legislation and its accompanying Explanatory Memorandum. In a press release issued in this respect the Australian Government stated that following the consultation process, the Explanatory Memorandum will be reviewed to reflect recent developments affecting the status of the Convention, including its recent signature by Malaysia.
Click here to be forwarded to the Exposure Draft legislation as released by the Australian Government on February 8, 2018.
Click here to be forwarded to the Exposure Draft Explanatory Materials as released by the Australian Government on February 8, 2018.
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