CANBERRA, ACT, Jan. 30 -- The Treasurer of Australia issued the following media release:
We have tasked the Board of Taxation to undertake an independent review of the Albanese Government's thin capitalisation reforms.
Our thin capitalisation reforms target the excessive use of debt deductions to avoid paying tax in Australia, and are in line with the OECD's best practice guidance.
These reforms are all about ensuring multinationals pay a fairer share of tax in Australia.
When multinationals exploit loopholes to pay less tax, they're gaining an unfair advantage over local businesses.
As part of the independent review, the Board will consider the overall performance of the amendments in strengthening Australia's thin capitalisation rule...