From local GST loophole to the worldwide BEPS problems
Source: The Tax Specialist Journal Article
Published Date: 1 Oct 2014
Over the past decades, nations have cooperated and implemented measures to prevent double taxation that occurs due to overlap of local jurisdictions. However, as company structures become more sophisticated, these measures now provide opportunities for business taxpayers to reduce or totally eliminate their tax liabilities. The rapid development of e-commerce has further complicated this problem. Several international groups have commenced co-ordinated work to address these base erosion and profit shifting (BEPS) problems. While BEPS is a global issue, there have been discussions in Australia that BEPS issues are affecting the local economy as well.
This article Identifies local and global BEPS issues, suggests possible remedies for these issues, and discusses whether the analysis and recommendations suggested by the OECD could be applied in Australia. The analysis in this article focuses in particular on the local GST loophole constituted by the lower value threshold on imports from overseas retailers.
Sorry, this is subscriber only content.
To gain access to this material and much more - Subscribe Now.
(Note: Members can access Taxation in Australia journal articles without a Tax Knowledge Exchange subscription - please log in to access).
Already a Subscriber? Login now
Already a Subscriber? Login now
Details
- Published By: Maggie Mei-Ki Shiu
- Published On:1 Oct 2014
The material is copyright. Apart any fair dealing for the purpose of private study, research criticism or review, as permitted under the copyright Act, no part may be reproduced by any process without written permission from The Tax Institute.
Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.
The Tax Institute
(ABN 45 008 392 372 (PRV14016))
("TTI")
The Tax Institute is a Recognised Tax Agent Association (RTAA) under the Tax Agent Services Regulations 2009.
Copyright Statement
All materials provided on this site are protected by copyright and are owned by or licensed to TTI.
Except as expressly permitted by TTI or the copyright owner, any person or company who uses this site must not use, reproduce, redistribute, retransmit, publish or otherwise transfer, or commercially exploit, the materials or any information, software or other content, in whole or in part, which is available through this site.
Tags
Share this page