Australia and Germany are set to start talks to update their update their double taxation agreement (DTA), which was first signed between the two countries in 1972.
Australia’s Treasurer Joe Hockey and Finance Minister Mathias Cormann said: "Our current Double Taxation Agreement, which was signed in 1972, needs updating to reflect the changing nature of both our economies since that time.
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"Discussions will focus on how we can maximize efficiency in our trade and investment relationship by ensuring double taxation is minimized, while also seeking to tighten the rules to address base erosion and profit shifting to ensure multinationals pay their fair share of tax consistent with current Organisation for Economic Cooperation and Development objectives."
The new treaty intends to tighten tax rules to address multinational profit-shifting.
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