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The Clean Energy Act 2011 was an Act of the Australian Parliament,the main Act in a package of legislation that established an Australian emissions trading scheme (ETS),to be preceded by a three-year period of fixed carbon pricing in Australia designed to reduce carbon dioxide emissions as part of efforts to combat global warming.
A leadership spill in the Australian Labor Party,the party then forming the Government of Australia,took place on 26 June 2013 at 7:00pm AEST. Prime Minister Julia Gillard called a ballot for Leader and Deputy Leader of the Labor Party live on Sky News Australia at 4:00pm,following persistent leadership tensions. She stated that she would retire from politics if she lost the vote,while calling on any would-be challengers to pledge to do the same if they lost. In a press conference held shortly after Gillard's announcement,backbencher and former Prime Minister Kevin Rudd announced that he would challenge Gillard,whilst also pledging to step down if he did not win the vote. At the ALP caucus meeting,Rudd was elected Leader of the Labor Party,with the caucus voting 57–45 in his favour.
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 Rudd had previously served a term as Prime Minister from 2007 to 2010 and been replaced by his deputy Julia Gillard,following an internal party spill.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 a 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 country is disadvantaged. The Organisation 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.
The global minimum corporate tax rate,or simply the global minimum tax,is a minimum rate of tax on corporate income internationally agreed upon and accepted by individual jurisdictions in the OECD/G20 Inclusive Framework. Each country would be eligible for a share of revenue generated by the tax. The aim is to reduce tax competition between countries and discourage multinational corporations (MNC) from profit shifting that avoids taxes.
References
- ↑ Australian Parliament – David Bradbury profile
- ↑ "Senior appointments within the Tax Policy and Statistics Division". OECD. Retrieved 1 January 2015.