The Joint Standing Committee on Treaties has tabled the report on its inquiry into the Convention between Australia and the Portuguese Republic for the Elimination of Double Taxation with respect to Taxes on Income and the Prevention of Tax Evasion and Avoidance (Australia-Portugal Tax Treaty).
The treaty is a taxation agreement with Portugal aimed primarily at eliminating double taxation for residents of Australia and Portugal, preventing opportunities for tax evasion or avoidance, and strengthening economic ties.
Committee Chair, Ms Lisa Chesters MP, said, ‘Portugal and Australia have a more than 64-year history of strong diplomatic relations. The two countries share a range of priorities, particularly in multilateral institutions, and this agreement will further develop these links.’
‘It will provide tax certainty for Australian businesses, encourage trade between the two countries by reducing tax barriers, decrease costs to Australian businesses, and enable better access to Portuguese capital and technology. The Committee supports the ratification of this treaty.’
The report also contains nine minor treaty actions that have been considered and endorsed by the Committee:
- Six of these minor treaty actions are amendments to the International Convention for the Prevention of Pollution from Ships 1973;
- Two minor treaty actions concern amendments to the Agreement establishing the European Bank for Reconstruction and Development 1990 and the Articles of Agreement of the International Bank for Reconstruction and Development 1945; and
- One minor treaty action concerns amendments to the Convention on International Trade in Endangered Species of Wild Fauna and Flora.
The report can be accessed online and further information about the inquiry is available on the Committee website.
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