The Australian Government is to tighten its Multinational Anti-Avoidance Law (MAAL) to prevent the use of certain structures to circumvent the law's application.
The Government has announced that it will prevent the use of foreign trusts and partnerships in corporate structures to avoid the application of the MAAL. It has released for public consultation draft legislation.
The MAAL took effect as of January 1, 2016. It is designed to prevent multinationals from avoiding Australian tax by using artificial or contrived arrangements to avoid having a taxable presence in the country.
It requires companies that are deemed to have avoided tax to pay back double what they owe, plus interest.
The MAAL covers all multinationals operating in Australia with global revenues of more than AUD1bn (USD786m).
The new legislation is being introduced to ensure that the MAAL continues to operate as intended. The consultation closes on February 23.
To date, the Australian Taxation Office has identified 38 taxpayers that have brought or are bringing their Australian-sourced sales onshore in response to the MAAL.
Andorra and Cyprus have signed a DTA, Andorra's Government announced on May 18, 2018.
Singapore and Brazil signed a DTA on May 7, 2018.
A DTA between Morocco and the Congo was signed on April 30, 2018.
The Mauritius Revenue Authority on March 19, 2018, published Government Notice No. 36 of 2018, confirming the entry into force of a Protocol updating its DTA with Barbados.
Legislation allowing for a DTA between the Netherlands and Malawi was ratified on April 30, 2018.
Switzerland and Brazil signed a DTA on May 3, 2018.
Slovakia on April 27, 2018, published Notice 123/2018 confirming the entry into force of its DTA with Ethiopia.
The Indian Government on May 7, 2018, announced that the DTA Protocol signed with Kuwait entered into force on March 26, 2018. A notice was published in India's Official Gazette on May 4, 2018.
The DTA between Slovakia and Iran became effective on May 1, 2018.
A protocol to the DTA between Russia and Sweden was signed on April 24, 2018.
Serbia and San Marino signed a DTA in Belgrade on April 16, 2018.
Kyrgyzstan and the Czech Republic agreed a draft DTA during four-day talks that ended on April 19, 2018.
Malta and Ethiopia signed a DTA on April 12, 2018.
Saudi Arabia's Cabinet on April 17, 2018, authorized the Minister of Finance to sign a DTA with Latvia.
The United Kingdom on April 24, 2018, released The Double Taxation Relief and International Tax Enforcement (Kyrgyzstan) Order 2018, which would ratify the DTA signed with Kyrgyzstan.
Latvia and Costa Rica agreed on April 13, 2018, to begin negotiations towards a DTA.
Austria's Council of Ministers on April 18, 2018, authorized negotiations on a Protocol to the DTA with Uzbekistan.
A bill was tabled in Belarus's House of Representatives on April 19, 2018, to ratify the DTA signed with the United Kingdom.
The DTA between Luxembourg and Cyprus entered into force on April 24, 2018, following its publication in Luxembourg's Official Gazette on April 20, 2018.
The Swiss Federal Council on April 18, 2018, submitted for parliamentary approval dispatches relating to a Protocol to the DTA with Ecuador, and a new DTA with Zambia.
Chile's Chamber of Deputies approved the DTA with Uruguay on April 19, 2018.
Kazakhstan's President on April 9 signed legislation ratifying a protocol to the DTA with Belarus.
Macau's Office of the Chief Executive on April 3, 2018, issued Order No. 63/2018 authorizing the conclusion of a DTA with Vietnam.
Latvia and Chile discussed launching DTA negotiations during a two-day meeting that concluded on April 10, 2018.
Finland's President on April 6, 2018, authorized the signature of a DTA with Hong Kong.