The global push for the greater exchange of tax-related information and increased co-operation between tax authorities will change the international tax landscape and pose challenges for taxpayers around the world.
This paper covers:
- where Australia stands on Article 26 of the OECD Model Convention and tax information exchange agreements
- the possible end of banking and corporate secrecy
- the ATO's involvement in bodies such as the Joint Tax Shelter Information Centre (JITSIC) and OECD projects aimed at tax co-operation and removal of harmful tax practices
- assistance in the collection of foreign taxes - in Australia and other countries
- challenges for taxpayers in dealing with foreign tax law issues.