Australian Senate Committee Publishes Report on the Combating Multinational Tax Avoidance Bill including New Anti-Avoidance Rules and CbC Reporting

On 9 November 2015, Australia's Senate Economics Legislation Committee published a report on the Tax Laws Amendment (Combating Multinational Tax Avoidance) Bill 2015 ({News-2015-09-17/P/2- previous coverage}). The legislation includes:

• A new multinational anti-avoidance law;
• Increased scheme penalties for significant global entities; and
• Country-by-Country reporting requirements in line with Action 13 of the OECD BEPS Project.

The Committee report covers concerns raised during the public c…