Revised country by country draft legislation for multinationals released

Building on earlier draft legislation and consultation process, Australia is another step closer to mandatory public disclosures of country-by-country tax information for multinational groups, effective from 1 July 2024.

The Australian Government on 12 February 2024 announced in a media statement the release of exposure draft legislation (ED) and explanatory materials (EM) that propose amendments to the Taxation Administration Act 1953 (TAA) to implement the public country-by-country (CbC) reporting proposals for reporting periods that start on or after 1 July 2024. Australia’s new tax transparency measures will significantly enhance the tax information that multinational groups will need to disclose to the ...

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Authors: Philip Beswick, Alia Lum,

Published Date: 13 February 2024