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International action to tackle aggressive tax planning
Media Release - Nat 04/29
International action to tackle aggressive tax planning
Tax Commissioners of Australia, Canada, the United Kingdom
and the United States have now established a joint task force
to increase collaboration and coordinate information about
aggressive tax planning by signing a Memorandum of Understanding
in Williamsburg, Virginia, on 23 April 2004.
An initial focus of the work of the task force will include
the ways in which financial products and arrangements are
used in aggressive tax planning schemes by corporations and
individuals to reduce their tax liabilities. The identification
of promoters developing and marketing those products and arrangements
will be an equally early focus for the task force.
The joint task force will assist the respective tax administrations
in addressing challenges arising from aggressive tax planning.
While the tax administrations operate primarily within their
own borders, some aggressive arrangements employ strategies
that cross borders, and some of the promoters of these arrangements
operate globally.
Tax Commissioner Michael Carmody said this joint international
approach is a significant step forward in enabling the Tax
Office to better identify and address the more complex aggressive
tax planning arrangements, especially those designed and marketed
to larger businesses and higher income individuals.
"We will be appointing senior and experienced people
to the task force," Mr Carmody said.
"Tax Office people will also be part of the executive
oversight group which will coordinate, oversee and evaluate
the work of the task force."
Officials from each of the tax administrations will work
together in Washington, DC, during the initial phase of the
task force's operations. The Commissioners will review the
operation of the task force after twelve months.
The Memorandum of Understanding is available from the Tax
Office website at www.ato.gov.au through the Media Centre.
CANBERRA
04 May 2004
Last Modified: Tuesday, 4 May 2004
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