On April 19, the UK Chancellor of the Exchequer, George Osborne, and the Treasurer of Australia, Joe Hockey, announced the establishment of a joint working group to further consider and develop initiatives in relation to purported diverted profits.  According to a press release, “[b]oth the UK and Australia have sought to put in place competitive business tax regimes in order to encourage enterprise and investment, but those tax rates should be paid, not avoided through artificial structures.  The working group will build on the UK’s experience of introducing a Diverted Profits Tax.”