Objective 2.2
Regulatory settings and standards that enhance competitiveness
Action 2.2E
In progress
The Government will monitor international tax developments to ensure Australia remains well placed and competitive to attract foreign investment, including monitoring Australia’s treaty network to ensure it remains appropriately aligned to our trading relationships, whilst maintaining tax system integrity.
Industry
recommendation/s
recommendation/s
Description
Government response
Related Action/s
6B
Review the non-resident withholding tax regime to ensure its settings are internationally competitive.
Noted
Progress to date
In the 2020-21 Budget, the Government announced it will modernise and expand Australia’s tax treaty network over the next five years to eliminate double taxation, settle taxing rights between Australia and other countries and attract foreign investment and skilled workers.
The Government is committing $11.6 million towards delivering a significant expansion of our bilateral tax treaty network. This will reduce the tax burden on cross-border operations for businesses and provide them with greater tax certainty.