The Federal Government has ratified the Convention on Mutual Administrative Assistance in Tax Matters, paving the way to promote international corporation between national revenue authorities to assist in enforcing national tax laws.

 

Developed as a joint initiative between the Organisation for Economic Cooperation and Development (OECD) and the Council of Europe, the Convention will allow for the exchange of taxpayer information between countries, as well as for assistance in recovery of taxes and for the service of documents.

 

The Convention will provide for all forms of administrative cooperation between separate parties, with the Federal Government saying it will respect the rights of taxpayers, bolstering the current tax treaty and tax information exchange agreement networks.

 

"Ratifying the Convention underlines the Government's long-standing commitment to international cooperation to help prevent tax avoidance and evasion," Assistant Treasurer David Bradbury said.

 

A copy of the Convention, and relevant explanatory material, can be found on the OECD's website.