29 November 2016 Australian Government releases Diverted Profits Tax Exposure Draft The Australian Government released an Exposure Draft (ED) on November 29, of the proposed Australian Diverted Profits Tax (DPT) to apply from July 1, 2017. To enable the DPT to be enacted in early 2017, there is a short consultation period with comments due by December 23. The ED was issued only days before the Mid-Year Economic Forecast, which is likely to confirm low corporate tax revenues for Australia, with renewed focus on multinational business taxation. The DPT will need analysis by many multinational groups, inbound and outbound — as many more will be affected as compared to the Australian Taxation Office's (ATO's) identification of 157 businesses affected by Australia's Multinational Anti Avoidance Law (MAAL). A Tax Alert prepared by EY's Global Tax Desk Network, and attached below, provides additional details. Document ID: 2016-2027 |
