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Australia : ATO and BAE SYSTEMS inks compliance agreement.

The Australian Taxation Office (ATO) and defence giant BAE Systems have inked an annual compliance arrangement, a move Tax Commissioner Michael D'Ascenzo states reinforces compliance and cuts costs for both parties.

D'Ascenzo and BAE Systems Finance Director Alan Osborne inked the agreement. It includes BAE's income tax and goods and services tax (GST) obligations.

D'Ascenzo said that such an arrangement supplies the ATO "with an insight into an entity's tax arrangements and provides a platform for business to raise tax issues with us and to resolve disputes without litigation." The deal provides an innovative way ahead for business to work intimately with the ATO, D'Ascenzo added, and will assist in the building of an "open and transparent relationship."

The arrangements are intended to improve practical sureness for businesses by taking into consideration tax risks in real time. D'Ascenzo explained that this "offers a 'no surprises' approach."

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Publication:Mena Report
Date:Dec 26, 2012
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