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New value shifting regime: a quest for certainty or legislative overkill?

Publication date: 01 Feb 07 | Source: AUSTRALIAN TAX REVIEW

Issue: Vol. 36 no. 1 2007

Pages: pp.17-48

The general value shifting regime (GVSR) was introduced on 1 July 2002 with the aims of delivering "significant integrity benefits", providing for a "solid base", introducing a "more consistent treatment for more comparable value shifts across entities and transactions" and removing "unintended outcomes" arising from the legislation being "too broadly defined in parts", as described by the Review of Business Taxation. As this article will endeavour to demonstrate, the GVSR rules have not achieved these aims, but are instead overly-complex, poorly targeted, prone to prolixity, obsessively anti-avoidance, overly-layered with exemptions and, ultimately, in their execution, will be bedilled by disoutation.

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Author profile

Lachlan Wolfers CTA
Lachlan is the Global Head of Indirect Tax for KPMG, as well as leading the Indirect Tax and Tax Technology practices for KPMG China. As part of his role in KPMG China, Lachlan led KPMG China’s efforts in relation to the VAT reform pilot program in China, including providing advice to various Government agencies in relation to several key aspects of the VAT reforms, including the application of VAT to financial services, insurance, construction and real estate, transfers of a business, as well as other reforms relating to the introduction of Advance Rulings in China. Previously he was a partner of KPMG Australia for over 11 years as the head of Indirect Tax in Sydney, and the National head of Tax Controversy services for KPMG Tax Lawyers Pty Ltd. Lachlan is also formerly a Director of the Tax Institute. - Current at 30 September 2019
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