Australia Ratifies Multilateral Tax Cooperation Agreement
Australia has ratified the Convention on Mutual Administrative Assistance in Tax Matters, said Assistant Treasurer David Bradbury.
The Convention is designed to promote international cooperation between national revenue authorities to help enforce national tax laws.
Developed jointly by the Organisation for Economic Cooperation and Development (OECD) and the Council of Europe, the Convention allows for the exchange of taxpayer information, as well as for assistance in the recovery of taxes and for the service of documents.
The Convention provides for all possible forms of administrative cooperation between its parties, while respecting the fundamental rights of taxpayers, and will complement Australia's existing tax treaty and tax information exchange agreement networks.
"Ratifying the Convention underlines the Government's long-standing commitment to international cooperation to help prevent tax avoidance and evasion," said Mr Bradbury.
The G20 has strongly encouraged all jurisdictions to sign the Convention. To date it has been signed by 38 countries including Australia.
Australia's instrument of ratification has been lodged with the OECD and the Convention will enter into force, for Australia, on 1 December 2012.
A copy of the Convention, and relevant explanatory material, can be found on the OECD's website.
5 October 2012