International tax & business 2012

Cataloguing international tax reform 12 years on

Source: Australian Tax Forum Journal Article

Published Date: 1 Feb 2012

 

Twelve years have elapsed since the Review of Business Taxation (RBT) set out its international business tax reform recommendations in A Tax System Redesigned and 10 years have now elapsed since the Review of International Taxation Arrangements (RITA) was announced. These reviews were the first major evaluation of Australia’s international tax regime since the late 1980’s and early 1990’s when Australia’s international tax rules were ‘modernised’.

As tax reform is not a linear process, many recommendations have been implemented or shelved, while others have continued to evolve (eg Australia’s tax treaty policy) or have been absorbed into other projects (eg Board of Taxation, Review of the Foreign Source Income Anti-deferral Regimes: Report (September 2008)). Other international tax reform measures were progressed outside the RBT and RITA processes. Given the magnitude of the changes it has been difficult to track:

  • what were the outcomes of the reviews
  • which recommendations were adopted
  • which recommendations have been enacted and
  • which measures are still outstanding or have lapsed.

As the Government commences to implement the recommendations of Australia’s future tax system: Report to the Treasurer, released on 2 May 2010, it is crucial to catalogue the reform outcomes, particularly as the Report did not focus on international tax issues. This is done by first providing a brief overview of the key international reform processes before providing detailed history of the reform proposals and their fate in tabular form.

Author Profile
Dr Michael Dirkis CTA

Author Profile
Brett Bondfield CTA

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