The Joint Standing Committee on Treaties will hold a public hearing today for its inquiry into the Convention between Australia and the Portuguese Republic for the Elimination of Double Taxation with respect to Taxes on Income and the Prevention of Tax Evasion and Avoidance.
The Convention adds to Australia's existing tax treaty network and is the first of its kind to be agreed to by Australia and Portugal. The Convention promotes closer economic cooperation between the two countries through the reduction of taxation barriers, for example the double taxation of income derived by the residents of either country.
The Convention also improves the tax system through providing a framework for cooperation on tax administration which prevents tax avoidance and evasion.
Committee Chair, Ms Lisa Chesters MP, said, 'The Committee will investigate if this agreement strengthens the relationship between Australia and Portugal and contributes towards stronger ties, particularly in commercial trade and investment.'
'The Committee will explore if the Convention encourages increased cross-border trade and investment through the reduction in tax barriers that hinder investment. The Committee will also examine if the Convention will provide tax certainty for Australian businesses that are looking to expand their operations into Portugal,' said the Chair.
The Committee will hear evidence from the Department of Foreign Affairs and Trade, the Australian Taxation Office, and the Department of the Treasury at the public hearing.
Public hearing details
Date: Monday 10 February 2025
Time: 11.30am-1.00pm (approximately)
Location: Committee Room 2R1, Parliament House, Canberra
