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Speed dating in the new tax era: the BEPS Convention kicks off

Published on 01 Aug 17 by "THE TAX SPECIALIST" JOURNAL ARTICLE

Australia, along with 68 other countries or territories, recently signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (the BEPS Convention). The BEPS Convention implements action 15 of the BEPS project which proposed a multilateral instrument that would operate automatically to amend and update the bilateral tax treaty network currently in existence to bring certain key provisions of treaties into line with the BEPS agenda. The BEPS Convention may potentially apply to more than 2,000 bilateral tax treaties between countries worldwide. This article introduces the key elements of the BEPS Convention and Australia’s position in signing it. The article sets out the history and context of the BEPS project, outlines the goals, framework and complicated implementation process of the BEPS Convention, and discusses each key element of the BEPS Convention and the Australian Treasury position in respect to it.

Author profiles

Peter Godber CTA
Photo of author, Peter GODBER Peter is a consultant to Grant Thornton. He has over 30 years experience giving professional taxation advice and dealing with change to Australian tax laws. Peter provides advice in many areas of taxation, including business taxation, business and investment structuring, international tax planning, prudential tax audits and tax risk management. Peter is a past State Chair of The Tax Institute’s Queensland Division and is currently a member of the Institute’s National Council. - Current at 26 September 2017
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Prof Miranda Stewart CTA
Miranda is a leading international expert on tax law and policy, and Director of the Tax and Transfer Policy Institute at Crawford School, Australian National University (ANU) in Canberra. Professor Stewart has more than 20 years experience working at the leading edge of policy research, design and development. She joined ANU from the University of Melbourne, where she was a Director of Tax Studies for many years. She has previously worked at New York University School of Law in the United States, in major Australian law firms advising business on tax law, and at the ATO advising on business tax law and policy, and has consulted for government on various tax and transfer policy issues. - Current at 30 June 2015
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