MEDIA ALERT: The tax consequences for business with the launch of the Voluntary Tax Code in Australia

The tax consequences for business with the launch of the Voluntary Tax Code in Australia

Wolters Kluwer Corporate Reporting Solutions Provides Insights on the approach to the introduction of the voluntary tax code and how professional accountants are responding

What: Developed at the request of the Federal Treasurer, the voluntary tax transparency code is a set of principles and standards designed to guide organisations towards greater tax transparency and also respond to community concerns about potential tax avoidance. The Australian code is more advanced and more comprehensive than existing tax transparency measures from other countries and organisations. The good news is that due to the flexibility in the code it has received strong support from businesses and associations.

Why: With the European Union ruling on unpaid taxes by Apple Inc. recently, and its direction ‘Ireland who now "must therefore recover from Apple" unpaid tax from 2003 to 2014 of "up to €13 billion ($19.3 billion), plus interest "’ there is certainly a trend at a global level to address the issues of highly aggressive tax planning arrangements. There is growing expectations in the Australian community for large businesses to be more publicly transparent about their tax affairs.

Who: All-Australian corporate reporting and tax expert Peter Boyle, Managing Director, Corporate Reporting Solutions, is available for interviews and in-depth information about the tax implications of not participating in this voluntary code. Among the topics Peter can discuss:

•    What is the landscape for taxation reporting and compliance in the Australian business sector
•    Which taxes can be reported on as part of this voluntary code
•    Recent findings into the attitudes of professional accountants for the code
•    Who in the business community is supporting the code
•    Implications for not participating from a tax treatment and reputational perspective

When: Mr. Boyle is available for phone interviews to provide in-depth background and analysis on the participation rates for Australian organisations in the voluntary tax code. Also read Peter’s latest blog here.

Contact: To arrange interviews with Peter Boyle from Wolters Kluwer Corporate Reporting Solutions on this or any other tax-related topics, please contact:  

CATHRYN VAN DER WALT
12 WORLDS
+61 (0) 402 327 633
Cathryn@12worlds.com