COVID-19 Impact on Egyptian Households: Policy Response and Recommendations
Egypt's response to the COVID-19 crisis and its implications on households and vulnerable groups, including changes in employment conditions, income, and government policy measures to address the economic challenges.
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Presentation Transcript
The Board of Taxation Ann-Maree Wolff Board member 1
We are in caretaker mode The Hon. Bill Shorten MP The Hon. Malcolm Turnbull MP Senator Richard Di Natale
Overview 1.Board of Taxation 2016 2.2016-17 Budget 3.Tax Transparency Code 4.Sounding Board 3
Board of Taxation 2016 Mid 2000s to 2014 Real-time policy advice on higher-level issues (trusted adviser) Broader business & community consultation Systemic issues Business and community perspective Coordinated integrated tax system design In-depth reviews Technical and post- implementation reviews 2000 Established (Ralph) 2015 and beyond 4
The Board and the 2016-17 Budget Collective Investment Vehicles Consolidation - deductible liabilities Asset backed financing Division 7A Small business entity turnover threshold Unincorporated small tax discount Designated Regulatory Reform Bills Sounding Board Timely guidance on the meaning of tax laws OECD hybrid mismatch arrangement Diverted profits tax Tax transparency code Ten Year Enterprise Tax Plan Other measures Tax Integrity Package Consulted on measures Superannuation Reform package
Voluntary tax transparency code 2016 report Annual turnover 100 million Greater content by businesses with an annual turnover 500 million Audience is the person in the street 6
Part A Improvements to disclosures of tax information in financial statements How should the content be disclosed? Australian general purpose financial statements; or Taxes paid report Who Minimum standard of information Large and medium businesses Reconciliation of accounting profit to tax expense and to income tax paid or income tax payable Identification of material temporary and non-temporary differences Accounting effective company tax rates for Australian and global operations (pursuant to AASB guidance) 7
Part B Taxes paid report How should the content be disclosed? Who Minimum standard of information Taxes paid report Large businesses Approach to tax strategy and governance Tax contribution summary for corporate taxes paid Information about international related party dealings
Sounding Board Progressing regulatory reform agenda Raise, debate and prioritise business and community sector ideas on how to improve the tax system Replaced TIES Launched April 2016 taxboard.ideascale.com Board to actively promote the inclusion of these ideas in designated regulatory reform bills.
How to contact us Online: www.taxboard.gov.au Email: TaxBoard@treasury.gov.au Twitter: @taxboard_au Sounding Board: https://taxboard.ideascale.com/ 10
