Income Tax Act 2007

Schedule 24: International tax rules: grey list countries

You could also call this:

"Tax rules for some countries, like Australia and the UK, that are a bit different"

Illustration for Income Tax Act 2007

You need to know about some countries and their tax rules. These countries are called grey list countries. They are Australia, Canada, Federal Republic of Germany, Japan, United Kingdom, United States of America, Norway, and Kingdom of Spain. These countries have some special tax rules. For example, some of them have exemptions from income tax for income earned from business activities outside the country. Others have special allowances or reliefs for certain activities, like offshore banking or investments in specific areas. You can find more information about these rules in the Income Tax Act 2007, which is empowered by sections like ss DZ 11 and YA 1. This information is part of the international tax rules and is important for understanding how taxes work in these countries.

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24International tax rules: grey list countries Empowered by ss DZ 11, YA 1

Part AGrey list countries

  • Australia, excluding the Territory of Norfolk Island
    1. Canada
      1. Federal Republic of Germany
        1. Japan
          1. United Kingdom of Great Britain and Northern Ireland
            1. United States of America, excluding its possessions and territories
              1. Norway
                1. Kingdom of Spain
                  1. Part BFeatures of the taxation law of countries specified in Part A

                  2. Any exemption from income tax for income derived from business activities carried on outside the country.
                    1. In the case of Australia, any special allowances, reliefs, or exemptions with respect to offshore banking units.
                      1. In the case of Canada, any special allowances, reliefs, or exemptions with respect to international banking centres.
                        1. In the case of the Federal Republic of Germany, any special allowances, reliefs, or exemptions with respect to regional located investment in the former German Democratic Republic or in West Berlin.
                          1. In the case of the United Kingdom of Great Britain and Northern Ireland, any special allowances, reliefs, or exemptions with respect to activities carried on in enterprise zones.
                            1. In the case of Canada, any special allowances, reliefs, or exemptions provided to non-resident owned investment corporations pursuant to section 133 of the Income Tax Act (Canada).
                              1. In the case of the Kingdom of Spain, any special allowances, reliefs, or exemptions with respect to activities that are carried on in, or by an enterprise registered in, the following:
                                1. Canary Islands:
                                  1. Ceuta:
                                    1. Melilla:
                                      1. Alava:
                                        1. Guipúzcoa:
                                          1. Vizcaya:
                                            1. Navarra.