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Diving into the year ahead
2015 was a landmark year from a tax perspective. Never before has there been such a focus on taxation, and in particular corporate taxation, at both a domestic and international level.
The combined effects of the OECD Base Erosion and Profit Shifting (BEPS) program, the Australian tax reform debate and the Senate Inquiry into corporate tax avoidance meant the tax landscape was irreversibly changed: corporate tax found a new home on the front page of the financial press. Tax is now a matter of great public interest and media focus. In 2016 tax will continue to be a risk, brand and reputation issue and a priority for boards.
In addition, this year is also a federal election year, and our political parties are starting to articulate their tax policies given tax is expected to be a key issue for the electorate.
It’s time to take stock of the events in 2015, and consider how they will influence tax policy in 2016.