Australian Treasury releases Exposure Draft Bill to deny deductions for payments by significant global entities to low-tax jurisdictions relating to intangible assets

04 April 2023|Tax Alerts, Legislation & Policy, National/Federal Taxation|Australia

Exposure Draft legislation has been proposed to amend Australia's tax rules to limit deductions for certain payments in respect of intangible assets that significant global entities make, directly or indirectly, to associates in a low corporate tax jurisdiction.
Low corporate tax jurisdictions include foreign countries in which the lowest corporate income tax rate is less than 15% (or nil) or if the foreign country has a tax preferential patent box regime without sufficient economic substance.
Int…

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