I’ve highlighted a serious problem we have with big multinationals
using loopholes to avoid paying a fair share of tax in Australia.
Every year Australia misses out on significant amounts of tax revenue from these global corporations while they use our taxpayer funded roads, staff educated in our schools and universities and our ever improving communications infrastructure to underpin their profits.
We’re not the only country facing this problem, but we are taking action to put a stop to it. The Government has been tightening our rules on tax avoidance and profit shifting and we'll amend the laws to make sure there’s transparency around how much tax these corporations are paying.
There also has to be international cooperation and the Treasurer last week worked with the G20 on a commitment to develop a global action plan.
The companies are dodging their responsibilities with complex global structures and transactions like the “Double Irish Dutch Sandwich” and that puts an unfair burden on ordinary Australian workers and small businesses.
Every year Australia misses out on significant amounts of tax revenue from these global corporations while they use our taxpayer funded roads, staff educated in our schools and universities and our ever improving communications infrastructure to underpin their profits.
We’re not the only country facing this problem, but we are taking action to put a stop to it. The Government has been tightening our rules on tax avoidance and profit shifting and we'll amend the laws to make sure there’s transparency around how much tax these corporations are paying.
There also has to be international cooperation and the Treasurer last week worked with the G20 on a commitment to develop a global action plan.
The companies are dodging their responsibilities with complex global structures and transactions like the “Double Irish Dutch Sandwich” and that puts an unfair burden on ordinary Australian workers and small businesses.
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