08 Oct 12 Australia ratifies Multilateral Tax Cooperation Agreement
In media release No 2012/114, issued 5 October 2012, the Assistant Treasurer and Minister Assisting for Deregulation, David Bradbury, announced that Australia has ratified the Convention on Mutual Administrative Assistance in Tax Matters.
The Convention is designed to promote international cooperation between national revenue authorities to help enforce national tax laws.
Developed jointly by the Organisation for Economic Cooperation and Development (OECD) and the Council of Europe, the Convention allows for the exchange of taxpayer information, as well as for assistance in the recovery of taxes and for the service of documents.
Australia's instrument of ratification has been lodged with the OECD and the Convention will enter into force, for Australia, on 1 December 2012.
A copy of the Convention, and relevant explanatory material, can be found on the OECD's website.