Australia: Amendments to new interest limitation / thin capitalisation rules tabled in Senate
The government tabled amendments to the new interest limitation / thin capitalisation provisions in Schedule 2 in the Senate.
Amendments to new interest limitation / thin capitalisation rules tabled in Senate
The government on 28 November 2023 tabled amendments [PDF 357 KB] and a supplementary explanatory memorandum [PDF 317 KB] to the new interest limitation / thin capitalisation provisions in Schedule 2 of the Treasury Laws Amendment (Making Multinationals Pay Their Fair Share—Integrity and Transparency) Bill 2023 in the Senate.
Background
The bill was introduced into the House of Representatives on 22 June 2023, and the provisions of Schedule 2 were referred to the Senate Economics Legislation Committee. Read TaxNewsFlash
The Committee published its report [PDF 898 KB] on 22 September 2023, recommending that Schedule 2 be passed subject to technical amendments. Read TaxNewsFlash
The government released an Exposure Draft and Explanatory Memorandum on 18 October 2023 to consult on further technical amendments to Schedule 2. Read TaxNewsFlash
The government’s amendments to Schedule 2 are intended to provide that the new interest limitation / thin capitalisation rules are appropriately targeted.
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