Australian multinational tax laws introduced

On 22 June 2023, the last sitting day of Parliament before the slated 1 July 2023 start date, the Government introduced a new Bill into Parliament titled: Treasury Laws Amendment (Making Multinationals Pay Their Fair Share— integrity and Transparency) Bill 2023 (Multinational Tax Bill or Bill). The Multinational Tax Bill as introduced deals with two of the multinational tax measures:

1. New interest limitation rules; and
2. An element of the tax transparency measures (stage 1), but not the public CbC reporting (stage 2).

The public CbC measure and the intangibles measure were not included in the Bill, although there is commentary in the accompanying Explanatory Memorandum on these measures.

In addition, on 23 June 2023, the Government issued revised exposure draft legislation (not introduced into the Parliament) dealing with the intangibles measure.