Legislation
International agreements bill
19.03.2009
The International Tax Agreements Amendment Bill (No 1) 2009, which was introduced into Parliament on 19 March 2009, is amending the International Tax Agreements Act 1953 (Agreements Act) to give the force of law in Australia to the following tax agreements:
- the Agreement between the Government of Australia and the Government of the British Virgin Islands for the Allocation of Taxing Rights with Respect to Certain Income of Individuals (BVI Agreement), which was signed in London on 27October 2008; and
- the Agreement between the Government of Australia and the Government of the Isle of Man for the Allocation of Taxing Rights with Respect to Certain Income of Individuals and to Establish a Mutual Agreement Procedure in Respect of Transfer Pricing Adjustments (IoM Agreement), which was signed in London on 29 January 2009.
These Agreements contain articles that are based on corresponding articles contained in Australia’s bilateral tax treaties.
The BVI Agreement is the first agreement of its type signed between Australia and a low-tax jurisdiction and was signed in conjunction with the Agreement for the Exchange of Information Relating to Taxes between Australia and the British Virgin Islands, which was signed in London on 27 October 2008.
The IoM Agreement is the second agreement of this type and was signed in conjunction with the Agreement for the Exchange of Information with Respect to Taxes between Australia and the Isle of Man (IoM), which was signed in London on 29 January 2009.
For the text of the amending Bill and of the explanatory memorandum, click here.
