The Australian Government is consulting on a proposed new tax framework for Corporate Collective Investment Vehicles (CCIVs).
The Australian funds market currently uses unit trusts, whereas corporate and limited partnership investment vehicles are more common elsewhere in the world. The Government is implementing a new CCIV, with the aim of offering an internationally recognizable investment vehicle that can be readily marketed to foreign investors. CCIVs will operate with a corporate structure, as opposed to a trust-based structure.
Revenue Minister Kelly O'Dwyer said: "CCIVs will increase the competitiveness of Australia's managed funds industry by aligning Australia's legal funds structures with those found in the rest of the world."
The proposed tax system for the new CCIV has been designed to broadly align with the attribution tax regime for managed investment trusts (MITs). One of the key features of the CCIV regime will be a capital gains tax (CGT) relief for attribution MITs that convert into CCIVs and meet the eligibility requirements for attribution tax.
O'Dwyer said: "This capital gains tax relief will ensure investors' balances are not reduced by tax at the time the attribution MIT moves into the CCIV regime."
There will be further consultations on the regulatory aspects of the CCIV framework in the early part of 2018. The Government will also consult on technical amendments to the tax system for MITs, to ensure that it continues to operate as intended.
Hungary and Kyrgystan have begun DTA negotiations, the Hungarian Ministry of Foreign Affairs and Trade announced on February 28, 2018.
Morocco and Cape Verde will begin DTA negotiations in March 2018, Morocco's Tax Agency announced.
The DTA signed between Mexico and Saudi Arabia entered into force on March 1, 2018, following the publication in Mexico's official Gazette of a law ratifying the agreement on February 26, 2018.
Bangladesh and Morocco signed a DTA on March 1, 2018.
Meeting over two days ending February 28, 2018, representatives from Pakistan and the Philippines agreed to renegotiate their DTA.
The UK and Mauritius signed a DTA on February 28, 2018.
Singapore signed a DTA with Tunisia on February 27, 2018.
Bahrain's King, Hamad bin Isa Al Khalifa, has approved a law ratifying the DTA Protocol signed with the Philippines, state media reported on February 20, 2018.
The Luxembourg Government on February 23, 2018, reported it is pushing for the negotiation of an amended DTA with Oman.
According to a monthly update from the Mexican Government, Mexico's DTA with Jamaica entered into force on February 24, 2018.
According to preliminary media reports, Switzerland's upper house of parliament of February 26, 2018, approved laws to ratify the DTAs signed with Kosovo and Pakistan and a Protocol with Latvia.
The Luxembourg Government announced that it is engaged in DTA negotiations with 15 countries, in a January 29, 2018, update, including newly DTA negotiations with the UK.
Ireland and Ghana signed a DTA on February 7, 2018.
According to a statement from the President's office, Iran's Cabinet on February 18, 2018, approved the signing of DTAs with Sweden, Lithuania, and Japan.
On February 19, 2018, the Philippines Senate adopted three resolutions ratifying agreements for the avoidance of double taxation with Mexico, Thailand, and Sri Lanka.
Japan and Spain have agreed a DTA in principle, to replace their existing pact, the Japanese Ministry of Foreign Affairs announced February 21, 2018.
The Armenian Ministry of Finance said February 22, 2018, that a DTA had been initialed after four days of negotiations with Iraq.
India's Ministry of Finance on February 22, 2018, revealed that an updated DTA between India and Kenya had been published in the Official Gazette, to replace the agreement in place between the two countries since 1985.
South Africa's DTA Protocol with Brazil entered into force on February 10, 2018.
Moldova's Cabinet on January 31, 2018, approved a law to ratify the DTA signed with Georgia in November 2017.
According to preliminary media reports, Kazakhstan's Senate on February 15, 2018, approved a law to ratify a Protocol to the DTA with Azerbaijan.
Poland published an order in its Official Gazette on February 8, 2018, to bring the DTA signed with Ethiopia in 2015 into force. The agreement entered into force on February 14, 2018.
Paraguay's Government on February 11, 2018, announced the signing of a DTA with Qatar.
Guernsey's TIEA with Portugal will enter into force March 15, 2018, according to a February 20, 2018, update from the Guernsey Government.
The Botswana Government has announced that the country will sign a DTA Protocol with Zimbabwe by the end of the year.