Organised by the Institute for Austrian and International Tax Law Vienna, in cooperation with the Doctoral Program for International Business Taxation.
Professor Kerrie Sadiq presented a report on Australia’s controlled foreign corporation legislation which was co-written with Professor Rick Krever of the University of Western Australia. The conference focused on Controlled Foreign Company (“CFC”) legislations from around the globe.
CFC rules as anti-abuse provisions have been increasingly gaining in importance. The format of the conference provided for a highly interactive environment in which reporters from all over the world shared their experience and research findings on how CFC rules are implemented in their jurisdictions, on the relationship between their CFC legislation and tax treaties/constitutional law/EU law, on the shortcomings of the current CFC rules and will provide recommendations on how to increase the effectiveness of their CFC legislation. The national reporters addressed various aspects in relation to their CFC legislation including a critical analysis of their CFC legislation, providing insights to current flaws, potential improvements, additional compliance burdens arising from their application and the need to strike a balance between the mechanical nature of CFC rules and the effectiveness of more subjective anti-abuse provisions. Using the comparative approach in the analysis, the conference aimed to provide the practical assessment of CFC rules as anti-abuse provisions, their effectiveness and their expected practical impact in the future.