Deborah Nesbitt

2 weeks ago | news.bloombergtax.com | Deborah Nesbitt

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3 weeks ago | news.bloombergtax.com | Michael Rapoport |Deborah Nesbitt

The plain language of PepsiCo’s contracts to make and sell its beverages in Australia backs up the company’s contention that the arrangement didn’t include taxable royalties, a PepsiCo Inc. attorney told Australia’s top court Thursday. The High Court should look at the actual agreement involving PepsiCo and the Singapore affiliate of the company that sold beverage concentrate to an Australian bottler, PepsiCo’s counsel Eugene Wheelahan told the Australian High Court.

3 weeks ago | news.bloombergtax.com | Michael Rapoport |Deborah Nesbitt

PepsiCo did effectively incur taxable royalties under contracts to make and sell its beverages in Australia, even though the company and the contracts themselves say otherwise, an attorney for Australian tax authorities told the country’s top court Wednesday. The High Court should consider the economic and commercial substance of the contracts, not just their legal form, when deciding whether they include royalties for the use of PepsiCo Inc.

2 months ago | news.bloombergtax.com | Deborah Nesbitt

The Australian Tax Office doesn’t sufficiently supervise or monitor its use of artificial intelligence across the organization, according to the country’s auditor. The ATO has no “structured and regular monitoring” of its office-built AI models in production and hasn’t established fit-for-purpose implementation arrangements for its AI strategy, according to Australia National Audit Office’s report Monday.

2 months ago | news.bloombergtax.com | Deborah Nesbitt

Australia’s plan to provide generous tax credits for new critical minerals and green hydrogen projects took a big step forward after Senate passed a treasury bill on Monday. The Senate passed the Labor government’s bill providing A$13.7 billion ($8.56 billion) worth of production tax credits in a 34-28 vote with the support of cross-bench senators.