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

The inquiry focused on the Australia-Portugal tax treaty, which aims to promote cross-border trade and investment, strengthen economic ties, and address base erosion and profit shifting practices. The treaty also facilitates labor mobility and cultural exchange between the two countries. It is largely consistent with Australia's tax treaty practice and is expected to provide higher returns for Australian workers and retirees. The treaty's key features were outlined, including information-sharing between tax authorities and rules to prevent double non-taxation and abuse. The inquiry heard from various stakeholders, including Ronita Ram, Director of International Tax, who discussed the treaty's key features and its expected benefits. The discussion also covered the unique clause on data use and security, as well as the negligible costs associated with the treaty. Stakeholder engagement and transparency in the treaty-making process were also explored, including the formal public consultation process and the role of the Tax Treaties Advisory Panel. The inquiry provided a platform for stakeholders to provide feedback and raise concerns about the treaty. The key findings of the inquiry highlighted the benefits of the Australia-Portugal tax treaty, including increased trade and investment, and higher returns for Australian workers and retirees. The inquiry also noted the importance of stakeholder engagement and transparency in the treaty-making process. The outcomes of the inquiry are expected to inform the implementation of the treaty and ensure that it achieves its intended objectives. The inquiry's conclusions and recommendations will likely have significant implications for Australia's tax treaty practice and its economic relationships with other countries.