In line with this directive, the Government of Australia has been working on measures to combat multinational tax avoidance by targeting core tax avoidance issues, whilst endeavouring to ensure that Australia remains an attractive and competitive place to do business.
The Australian Government has been very vocal in its intention to be at the forefront of tax integrity and the global fight against tax avoidance both from a local-country and multi-jurisdictional perspective.
The BEPS Actions will revolutionise international tax and transfer pricing practices. Governments all around the world need to act to protect their share of finite global revenues.
Whether those governments can work in a cooperative and mutually beneficial manner remains to be seen. However, Australia is determined to be one of the leaders in this area and to shoring up its share of that tax take is clearly its absolute priority. Read further: Quantera Global | Australia reacts to BEPS Action Plans
Relevant background information