Craig Emerson (Rankin, Australian Labor Party, Minister Assisting the Finance Minister on Deregulation) Share this | Link to this | Hansard source

I want to thank all the speakers on the International Tax Agreements Amendment Bill (No. 1) 2009. I must say I have never heard such profoundly important and sweeping speeches on a tax bill by the member for Bradfield, by the Prime Minister, by the Leader of the Opposition and by the member for Higgins as well as other speakers on this bill. I think the history will show that these were probably the most uplifting speeches that have ever been made in a contribution to a tax bill. I will take the opportunity to congratulate all of those speakers on their civility and on the great contribution that they have made to the parliament here tonight.

This bill will give the force of law to two taxation agreements between Australia and the British Virgin Islands and Australia and the Isle of Man, which were signed in London on 27 October 2008 and 29 January 2009 respectively. The bill will insert the text of both agreements into the International Tax Agreements Act 1953. The amendments will provide for the allocation of taxing rights between Australia and the British Virgin Islands and Australia and the Isle of Man over certain income of individuals who are residents of Australia, the British Virgin Islands or the Isle of Man thereby helping to prevent double taxation.

These agreements, which were signed in conjunction with bilateral tax information exchange agreements between Australia and the British Virgin Islands and Australia and the Isle of Man, support Australia’s efforts to combat tax avoidance and evasion through enhanced international cooperation.

Question agreed to.

Bill read a second time.