By King & Wood Mallesons

What are the main features of Australia’s tax system?

Australia has a comprehensive tax regime with taxes imposed at both the Federal level and the State/Territory level. The Australian Taxation Office (ATO) is responsible for administering the tax laws imposed at the Federal level and each State and Territory has a different body which administers the tax laws imposed in that particular jurisdiction
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By Alex Baykitch AM, Robert Edel and Edwina Kwan.

On 24 January 2018, the senate of the Democratic Republic of Congo (DRC) unanimously passed a bill which, once enacted, will increase taxes on natural resources in the DRC and revoke contract guarantees for existing mining projects across the country.

The bill is likely to have a significant impact on international investors in the mining industry who will be immediately subject to higher royalties and a tax on “super-profits”.  Although the bill will not take effect until President Joseph Kabila signs it into law, this is expected to happen imminently unless miners and lobbyists are successful in convincing the President to suspend the adoption of the bill.
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By Tony DongDuan Tao (Daisy), Cao Linlin, Yang Yingjie  King & Wood Mallesons’ Commercial & Regulatory Group

The US Senate and House of Representatives eventually voted to clear  the Tax Cuts and Jobs Act on December 20, 2017, after several rounds of back and  forth between the Houses. Two days later, the US President Donald Trump  officially signed this Act into effective law, as the culmination of the US tax  reform that had galvanized worldwide attention. This legislation is the biggest  and most compressive overhaul of the US tax system since the Reagan  administration in 1986.
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By Vanessa Docherty King & Wood Mallesons’London office.

The Criminal Finances Act (“CFA”) 2017 comes into effect on 30 September 2017.  The CFA introduces two new offences which could affect any company with links to the UK.
What are the offences?
Failure to prevent” the facilitation of UK tax evasion, in the UK; and “failure to prevent” facilitation of foreign tax evasion overseas.
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By Bill Ye and Zhao Wenxiang King & Wood Mallesons’ Commercial & Regulatory group

The ‘Measures on the Due Diligence of Non-resident Financial Account Information in Tax Matters’ (the “CRS ”) are now in place, six months after the release of the draft for comment (the “Draft”). In response to the upcoming individual income tax reform, we have summarized the key points of the CRS Regulations.
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By Mark McFarlane and Suzanne Gibson  King & Wood Mallesons

mcfarlane_mgibson_sSecondaries transactions have grown substantially in recent years. This growth can be attributed to the host of potential commercial and strategic advantages such transactions can have for both general partners (GPs)/managers and investors, as well as a raft of regulatory pressures, including as a result of the Volcker Rule and the BASEL III reforms.

However, with these advantages come unique legal tensions as investors look to sell their fund commitments with relative freedom and GPs/managers seek to minimise their potential liabilities arising from any sale (and in some cases, reap side benefits).
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