Australia's Tax Treaty Negotiation Program

On 11 July 2014 the Commonwealth Government invited interested parties to make submissions on Australia's future tax treaty negotiation program. Specifically, public submissions are invited on:

  • the countries with which it may be desirable to negotiate or update a tax treaty, and
  • the key outcomes Australia should seek in negotiating tax treaties with other countries.

Further signatories to the OECD Multilateral Convention

The Organisation for Economic Co-operation and Development (OECD) has announced that Gabon and Cameroon have signed the OECD Multilateral Convention on Mutual Administrative Assistance in Tax Matters. The Convention which provides for all forms of mutual assistance - exchange on request, spontaneous assistance, tax examinations abroad, simultaneous tax examinations and assistance in tax collection, while protecting taxpayers’ rights.

OECD updated Model Tax Convention

The OECD has approved the 2014 update to the OECD Model Tax Convention. The update reflects work on the Model Tax Convention that was carried out between 2010 and the end of 2013 but does not include any results from the ongoing work on the BEPS Action Plan. It includes updates in relation to exchange of tax information (Article 26), the meaning of ‘beneficial owner’ and the tax treaty treatment of termination payments, among other things.