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Australia to commence revised tax treaty negotiations with the UK.



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NO.088

AUSTRALIA TO COMMENCE REVISED TAX TREATY NEGOTIATIONS WITH THE UK

The Assistant Treasurer Chris Bowen MP, today announced the commencement of negotiations on a revised tax treaty with the United Kingdom.

The Government has a strong focus on keeping Australia's tax treaty network up to date, with the recent signing of the tax treaty with Japan, the Protocol with South Africa, and the renegotiation of the Australia-New Zealand tax treaty commencing earlier this year. The New Zealand talks have been fruitful and officials expect to conclude negotiations by the end of the year.

"I am pleased to announce the commencement of negotiations with the United Kingdom, one of Australia's most important trade and investment partners," Mr Bowen said.

"UK businesses view Australia as an attractive base for regional operations. Modernising the existing tax treaty, which was signed in 2003, will ensure that optimal tax conditions operate for those businesses and individuals with dealings in both countries."

Interested parties are invited to make submissions on the United Kingdom tax treaty to the Treasury by 14 November 2008, either by email to: taxtreatiesunitconsultation@treasury.gov.au or by mail addressed to:

Manager Tax Treaties Unit International Tax and Treaties Division The Treasury Langton Crescent PARKES ACT 2600

28 October 2008