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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

Abstract:
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 leader of KPMG’s Indirect Tax practice in China and a member of KPMG’s Global Indirect Taxes leadership team. He was formerly a director of The Tax Institute, and leader of KPMG’s Indirect Taxes and Tax Controversy practices in Australia prior to his relocation to China in 2011. In his current role, Lachlan is assisting multinational companies transition to VAT in China. He is a frequent presenter and media commentator on VAT issues in China, and is currently advising China’s Ministry of Finance and State Administration of Taxation on several tax reforms, including VAT and Advance Rulings. - Current at 27 August 2012
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