News: Australian Parliament finally ratified the BEPS program

The Lower House of the Austrian Parliament approved a multilateral OECD (Organization for Economic Cooperation and Development) document, which is designed to prevent tax evasion. The main focus of the bill is focused on evasion through the abuse of treaties for the avoidance of double taxation.

The controlling system, which was developed by the OECD in the framework of the BEPS project, was adopted by the the Austrian National Council on June 12, 2017. The BEPS project (Base Erosion and Profit Shifting) is working in more than 1,100 tax treaties around the world.

Later, after improvements and implementation of the new norms in the Australian legal system, the lower house approved the final amendments. After a period of transition to March 2019, she introduced the country’s full tax law system.

In Australia, the Convention will strengthen provisions for resolving contractual disputes, including through compulsory arbitration (which was accepted by 25 signatories), to reduce double taxation and increase tax certainty for enterprises.

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