The new treaty is the first of its kind between Australia and Israel and will provide an avenue to support closer linkages between Australia and Israel. It will also create new opportunities for businesses in both countries—which is a good thing—particularly in the areas of commercial trade, investment and innovation, through reduced withholding tax rates.
Full speech
Senator DUNIAM (Tasmania—Assistant Minister for Forestry and Fisheries and Assistant Minister for Regional Tourism) (13:06): I thank Senator Brown for her contribution on the Treasury Laws Amendment (International Tax Agreements) Bill 2019. This bill amends the International Tax Agreements Act 1953 and will give the new tax treaty between Australia and Israel the force of law in Australia. The new treaty is the first of its kind between Australia and Israel and will provide an avenue to support closer linkages between Australia and Israel. It will also create new opportunities for businesses in both countries—which is a good thing—particularly in the areas of commercial trade, investment and innovation, through reduced withholding tax rates. The new treaty will also help ensure that multinational corporations pay their fair share of tax and further demonstrates Australia’s resolve to stamp out international tax avoidance. Therefore, I commend the bill to the Senate.
Question agreed to.
Bill read a second time.