Taxation (Neutralising Base Erosion and Profit Shifting) Bill – Committee Stage – Part 1 – Video 12

Taxation (Neutralising Base Erosion and Profit Shifting) Bill – Committee Stage – Part 1 – Video 12

to know that it’s been far most in a fair and consistent way mr. Chu are the Honorable Stuart means thank you very much just to very quickly answer the right honourable member a binding ruling is actually only binding on the Commissioner that is not binding on the taxpayer as mentioned the taxpayer can ignore the binding ruling at their own peril but it is not binding in an APA is actually a type of binding ruling yeah and again it’s not binding but then APA is undertaken it’s factually based and it’s undertaken with full tax payer cooperation so you know again like a binding ruling a taxpayer will go to the commissioner if they have concerns about they takes position or if they have a question about their tax liabilities or the teks position the Commissioner will issue a binding ruling the taxpayer can then determine whether they take the commissioners advice or not the Commissioner of course can be not change the advice but the taxpayer can seek either of us so only binding on the commissioner in terms of the four years booster seven years I completely agree with you it is it would be unfair for IR to draw out investigations simply because it felt like it I mean that they’re you know I’m being a little bit glib here but what I do and what I do mean is I very much believe that I are undertakes investigations in a timely manner and it does so because it because it is actually in the best interests of IR as well as the taxpayer itself the reason why the four-year saving is split and it’s quite um the first to admit if they have undertaken if they’ve started investigation within four years and they’ve got another three years to complete it there is a long time to complete an investigation but the reason that is the 7-year deadline is because this is complex this really is complex and often you’re dealing not only with an organization or or a multinational subsidiary based in discount but you’re also dealing with complex text legislation and maybe a group head office in their home country and that could be anywhere from the Bahamas to goodness knows where so I do not think that IR will use seven years as a target ie you know let’s draw them all out for seven years but there is there just to ensure that they can undertake these complex text investigations and for full obligations and and conclude them in a timely manner but but like you I would be very disappointed if I drew them out just because they could and I have absolutely never seen any evidence that there is the way that I are actually undertakes investigations all there as the other attitude towards investigations I call the Honourable Ruth Dyson I move that the question be now I call the Honourable Amy Adams a chair thank you I want to come back to the point out

Related Posts

Alternative Mount for Garmin and Magellan GPS Units

Leave a Reply

Your email address will not be published. Required fields are marked *