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03 Dec 12 International Tax Agreements Amendment Bill 2012 introduced

On 29 November 2012, International Tax Agreements Amendment Bill 2012 was introduced into the House of Representatives.

The following is extracted from the Explanatory Memorandum.

SCHEDULE 1 to the Bill amends the International Tax Agreements Act 1953 (Agreements Act 1953) to give the force of law in Australia to the Protocol Amending the Agreement between the Government of Australia and the Government of the Republic of India for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income (Indian Protocol), which was signed in New Delhi on 16 December 2011.

SCHEDULE 1 to the Bill also amends the Agreements Act 1953 to give the force of law in Australia to the Agreement between the Government of Australia and the Government of the Republic of the Marshall Islands for the Allocation of Taxing Rights with Respect to Certain Income of Individuals and to Establish a Mutual Agreement Procedure in Respect of Transfer Pricing Adjustments (Marshall Islands Agreement), which was signed in Majuro on 12 May 2010.

SCHEDULE 1 to the Bill also amends the Agreements Act 1953 to give the force of law in Australia to the Agreement between the Government of Australia and the Government of the Republic of Mauritius for the Allocation of Taxing Rights with Respect to Certain Income of Individuals and to Establish a Mutual Agreement Procedure in Respect of Transfer Pricing Adjustments (the Mauritius Agreement), which was signed in Port Louis on 8 December 2010.

SCHEDULE 1 to the Bill also amends the Agreements Act 1953 to update certain references to some of Australia’s existing taxation agreements. The notes to the definitions of the Aruban agreement, the Guernsey agreement, the Jersey agreement and the Malaysian Protocol (No. 3) contained in s 3AAA(1) of that Act will be updated to refer to the Australian Treaty Series number of each of those agreements. This will assist readers in accessing the text of each of those agreements. These amendments are of a minor and technical nature and will not result in any substantive law changes.

 


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