Trump’s tax plans will send Aussie businesses to America
The promise of an unprecedented US economic boom driven by lower taxes and deregulation is already starting to turn the heads of Australia’s business titans and entrepreneurs.
Donald Trump’s inauguration this week heralds an unprecedented era of tax warfare between sovereign nations, threatening the globalist movement towards tax co-operation and heaping pressure on Australia to commit to long-overdue, politically contentious tax reform.
Just over a month after Australia committed itself to the OECD’s 15 per cent global minimum tax deal by enacting the legislation in a pre-Christmas flurry, the new president released a memorandum within hours of taking office declaring that the US would not support the OECD global tax deal.
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Shaun Cartoon is a partner in Arnold Bloch Leibler’s tax practice.
