Coalition Government crackdown on multinational tax avoidance to fund services in Wide Bay
Federal Member for Wide Bay, Llew O’Brien today said the Coalition Government is cracking down on multinational tax dodgers to ensure they pay their fair share of tax, clawing back around $2 billion this year to fund crucial government services.
“This demonstrates the Coalition Government’s strong action is effectively dealing with non-compliance behaviour of multinationals in Australia,” Mr O’Brien said.
The additional revenue from multinationals is expected to come from assessments relating to seven audits of large multinational companies in the energy, resources and e-commerce sectors, by the Australian Taxation Office (ATO).
“Australia needs a sustainable tax system to ensure we can afford the services and infrastructure residents in Wide Bay rely on.
“While it was disappointing and hypocritical that Bill Shorten and the Labor Party voted against the Multinational Anti-Avoidance legislation in the Parliament, the Coalition Government is strongly combatting those multinational companies who seek to game the system.”
“We will continue to build on these tough these measures. With the introduction to Parliament last week of legislation implementing the new Diverted Profits Tax, we will close loopholes and prevent multinationals shifting the profits that they earn in Australia offshore to avoid paying tax.
“This will be welcome news to everyone across Wide Bay, as many people want to be assured that multinationals pay their fair share of tax.”
The Diverted Profits Tax will commence on 1 July 2017, and is expected to raise $100 million in revenue a year from 2018-19.
“The Coalition Government is continuing to deliver on our commitment to keep our tax system strong. While we believe in lower taxes, multinationals must pay their fair share.”