MEDIA RELEASE
Tax treaty network expansion
The Albanese Government will expand Australia’s tax treaty network to support its commitment to boost international trade and investment, provide improved certainty to taxpayers and guard against tax evasion and avoidance practices.
New negotiations are planned with Bulgaria, Colombia, Croatia, Cyprus, Estonia, Latvia and Lithuania. These countries add to the current program which includes Portugal, Slovenia, Greece and Luxembourg. The current program also includes Iceland who signed a tax treaty with Australia on 12 October 2022.
This expansion will bolster Australia’s existing network of 46 bilateral tax treaties and increase the treaty network’s coverage to over 80 per cent of foreign investment in Australia.
Tax treaties improve tax system integrity through the establishment of a bilateral framework of cooperation on the prevention of tax evasion, the collection of tax debts and rules to address tax avoidance.
Businesses will be provided with greater tax certainty which will encourage increased economic integration through foreign investment and trade.
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