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Wednesday, 11 May 2011
Page: 3762


Mr SHORTEN (MaribyrnongAssistant Treasurer and Minister for Financial Services and Superannuation) (18:57): First of all, I would like to thank the members who participated in the debate on the International Tax Agreements Amendment Bill (No. 1) 2011. The government is committed to the removal of taxation barriers that could impede Australia's bilateral trade and investment relationships with other countries. Australia is also committed to international cooperation between revenue authorities to combat tax avoidance and evasion. This bill will give effect to both of these commitments by giving the force of law to new bilateral taxation agreements between Australia and Aruba, Chile, the Cook Islands, Guernsey, Malaysia, Samoa and Turkey. Each of these agreements will strengthen Australia's bilateral economic relationships with these jurisdictions and, directly or indirectly, will help to discourage taxpayers from seeking to use offshore arrangements to avoid Australian tax by increasing the probability of detection.

Question agreed to.

Bill read a second time.

Ordered that this bill be reported to the House without amendment.

Main Committee adjourned at 18:59