Submission on the Exposure Draft Legislation for the Tax Integrity Multinational Anti-avoidance Law
This submission provides feedback to the Department of Treasury exposure draft of the Tax Integrity Multinational Anti-avoidance Law Bill 2015.
The submission re-states the Business Council's firm belief that businesses in Australia must meet their tax obligations and do so in a transparent way. The community must have confidence in the integrity of the corporate tax system if it is to support broader tax reform.
It also outlines our key recommendations on the draft legislation:
• Consultation on the draft Bill should ensure the policy intent is met in a way that minimises compliance and administration costs, and avoids unintended consequences. The precise definition and operation of the various thresholds and terms in the draft Bill should be clarified.
• The proposed law should not conflict with the OECD’s BEPS project and should be reviewed following the BEPS project’s completion.