The concerns within society about the fairness and adequacy of the tax system have led to an unprecedented public discussion. Governments, companies and individuals are weighing in on this debate.
In October 2015, the OECD released the final package of measures of its Action Plan for Base Erosion and Profit Shifting (BEPS) which seeks to address the discrepancy between the current international tax rules and the concept of the 'fair share' through recommended changes to tax rules.
Australia has already begun implementing measures to address these issues, such as the multinational anti-avoidance rule (Australia's 'de facto' diverted profits tax regime), Country by Country reporting and tax transparency for corporate taxpayers.
KPMG's Tax team can assist companies to consider reputational risk, tax narratives, their tax structures and how to future proof them.
If you would like assistance, please call your KPMG adviser or contact David Linke or Grant Wardell-Johnson.