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The second Rudd government was the federal executive Government of Australia led by Prime Minister Kevin Rudd of the Australian Labor Party. It commenced on 27 June 2013 and ceased on 18 September 2013. Rudd had previously served a term as Prime Minister from 2007 to 2010 and been replaced by his deputy Julia Gillard,following an internal party spill. Rudd regained the Labor Party leadership by successfully re-challenging Gillard in a June 2013 party spill. On 5 August,Rudd called an election for 7 September 2013,which resulted in the defeat of his government by the Liberal/National Coalition led by Opposition Leader Tony Abbott.
Base erosion and profit shifting (BEPS) refers to corporate tax planning strategies used by multinationals to "shift" profits from higher-tax jurisdictions to lower-tax jurisdictions or no-tax locations where there is little or no economic activity,thus "eroding" the "tax-base" of the higher-tax jurisdictions using deductible payments such as interest or royalties. For the government,the tax base is a company's income or profit. Tax is levied as a percentage on this income/profit. When that income / profit is transferred to another country or tax haven,the tax base is eroded and the company does not pay taxes to the country that is generating the income. As a result,tax revenues are reduced and the government is detained. The Organization for Economic Co-operation and Development (OECD) define BEPS strategies as "exploiting gaps and mismatches in tax rules". While some of the tactics are illegal,the majority are not. Because businesses that operate across borders can utilize BEPS to obtain a competitive edge over domestic businesses,it affects the righteousness and integrity of tax systems. Furthermore,it lessens deliberate compliance,when taxpayers notice multinationals legally avoiding corporate income taxes. Because developing nations rely more heavily on corporate income tax,they are disproportionately affected by BEPS.
References
- ↑ Australian Parliament – David Bradbury profile
- ↑ "Senior appointments within the Tax Policy and Statistics Division". OECD. Retrieved 1 January 2015.