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Draft amendments to transfer pricing regime released for consultation
David Bradbury MP Assistant Treasurer
Minister Assisting for Deregulation
DRAFT AMENDMENTS TO TRANSFER PRICING REGIME RELEASED FOR CONSULTATION
The Government has today released an exposure draft of proposed amendments that will implement the first stage of reforms to transfer pricing, said Assistant Treasurer, David Bradbury.
These amendments were announced by the then Assistant Treasurer on 1 November 2011.
“This draft legislation and associated explanatory materials take into account a number of key issues raised by stakeholders through earlier consultation processes,” said Mr Bradbury. ‘The Government is committed to working with industry to implement these important reforms.”
The proposed amendments confirm that, in relation to treaty cases, the transfer pricing articles contained in Australia’s tax treaties are able to be applied and operate independently of Australia’s unilateral transfer pricing rules.
“These amendments have been introduced to ensure that effect is given to the intentions of the Parliament, that revenue is not compromised, and that international consistency is maintained with our tax treaty partners.
“These amendments will apply to income years commencing on or after 1 July 2004, being the income year commencing after the Parliament last demonstrated its intention that the law should operate in this way.
“I encourage stakeholders to continue to engage with Treasury and provide their comments on these draft provisions.”
The draft amendments and explanatory material can be found at http://www.treasury.gov.au/contentitem.asp?NavId=037&ContentID=2348. Submissions on the exposure draft legislation close on 13 April 2012.
16 March 2012
Media contact: Justin Koek 0400 126 939