After five years of negotiation and development, Australia’s parliament last week passed the country’s Illegal Logging Prohibition (ILP) bill, its equivalent of the EU Timber Regulation and America’s Lacey Act. The law makes it an offence to import and process timber considered illegal in the country of origin, making both timber traders and manufacturers the [...]
After five years of negotiation and development, Australia’s parliament last week passed the country’s Illegal Logging Prohibition (ILP) bill, its equivalent of the EU Timber Regulation and America’s Lacey Act.
The law makes it an offence to import and process timber considered illegal in the country of origin, making both timber traders and manufacturers the possible target of prosecution.
For serious and serial offenders who “knowingly or recklessly import or process illegally logged timber products”, the maximum penalty is up to five years in prison, with a fine of A$275,000 for a company and A$55,000 for an individual.
The Australian government estimates that around 10%, or A$4bn worth, of the country’s timber imports would fall foul of the law.
Australian businesses offering timber legality and compliance verification services, and importers which have already put tougher timber sourcing and tracking systems in place, were expected to benefit from the bill.
Representatives from the Australian Customs and Border Protection Service and the United States Immigration and Customs Enforcement (ICE) have signed an agreement to share trade data with each other. ICE will provide Customs and Border Protection access to their Data Analysis and Research for Trade Transparency System (DARTTS), which is a computer system that contains [...]
Representatives from the Australian Customs and Border Protection Service and the United States Immigration and Customs Enforcement (ICE) have signed an agreement to share trade data with each other.
ICE will provide Customs and Border Protection access to their Data Analysis and Research for Trade Transparency System (DARTTS), which is a computer system that contains domestic and foreign trade data and allows users to see both sides of the trade transaction, making the transaction transparent.
This will help officers to identify international trade anomalies and financial irregularities indicative of trade-based money laundering, customs fraud, movement of counterfeit goods and other import-export crimes.
It is estimated that annual trade-based money laundering is worth billions of dollars and is growing each year.
Customs and Border Protection National Manager Compliance Assurance Anthony Seebach welcomed the partnership and said it would increase the capabilities of both agencies to target people or entities who tried to exploit global trade systems.
“DARTTS is yet another tool we can use to identify criminal and terrorist organisations who seek to disguise illegal activities, such as money laundering, as legitimate trade,” Mr. Seebach said.
ICE initiated the Trade Transparency Program and the use of DARTTS 2004 to better identify criminal activity utilizing trade.
The Australian Senate has passed legislation on the application of transfer pricing rules, designed to ensure that multinational companies pay their ‘fair share’ of tax. The Tax Laws Amendment (Cross-Border Transfer Pricing) Bill (No. 1) 2012 confirms that the transfer pricing rules contained in Australia’s tax treaties, and incorporated into domestic law, provide assessment authority [...]
The Australian Senate has passed legislation on the application of transfer pricing rules, designed to ensure that multinational companies pay their ‘fair share’ of tax.
The Tax Laws Amendment (Cross-Border Transfer Pricing) Bill (No. 1) 2012 confirms that the transfer pricing rules contained in Australia’s tax treaties, and incorporated into domestic law, provide assessment authority in treaty cases.
Announcing the Bill’s passage, Assistant Treasurer David Bradbury explained that “profit-shifting can pose a serious threat to Australia’s revenue base. Transfer pricing rules are intended to prevent multinational companies from avoiding paying their fair share of tax by shifting their profits offshore”.
In 2009, related party cross-border trade was valued at approximately AUD270bn (USD280bn). This represented roughly 50% of Australia’s cross border trade flows.
“Robust transfer pricing rules make sure that Australia’s revenues are protected and large multinational companies pay their fair share of tax,” Bradbury stressed.
The changes apply to income years commencing on or after July 1, 2004. This was the first income year following parliament’s last statement detailing its understanding that the law operated in this way.
Source: Tax News.com
Related: Explanatory Memorandum
A new bilateral Industrial Security Arrangement with Spain opens new trade opportunities for Canadian industry to do business in Spain.
(PWGSC)
The Honourable Rona Ambrose, Minister of Public Works and Government Services and Minister for Status of Women, [Friday] announced the signing of a bilateral Industrial Security Arrangement with Spain, which opens new trade opportunities for Canadian industry to do business in Spain.
“It is a priority of the Government of Canada to provide small businesses with the tools and advantages they need to succeed in today’s international market,” said Minister Ambrose. “This arrangement aims to create new opportunities for Canadian businesses, especially those small- and medium-sized enterprises that are the backbone of our economy.”
