Taxation of foreign-source income in Australia: ramifications for the mining sector.
03 Dec 09 |
TAX NOTES INTERNATIONAL
Issue: Vol 56 No 8 2009
Pages: pp. 583-591
Since 2003, there has been a significant overhaul of Australia's international taxation system, and during the same period, Australia's mining sector has enjoyed a significant resurgence both onshore and offshore. As the end of the decade nears, there is tangible progress on the Australian taxation of foreign-source income. In particular, the archaic foreign tax credit and foreign loss regimes have been revamped, and the controlled foreign corporation rules and foreign profit repatriation rules are in the process of being written. What this means is that Australia's multinationals in the mining sector can generally expect fewer impediments to expanding and exploring offshore and should benefit from increased flexibility in the way they run their foreign operations.
This item is not available for download from this website. Please contact the Tax Institute library for assistance. Charges will apply.
Vik is a Partner in the International Tax Practice at Ernst & Young, Melbourne. He specialises in corporate and international tax issues with a particular emphasis on mergers and acquisitions. Vik has specific responsibility for providing international and corporate tax advice to a number of leading financial intermediaries, banks and securities traders, on cross border transactions and on funding issues. He has been closely involved in a number of public equity raising and hybrid instrument issues.
- Current at
12 December 2006