Hue and cry in the Senate over multinational tax avoidance
Senator Whish-Wilson debates the Government’s Tax Laws Amendment (Combating Multinational Tax Avoidance) Bill 2015 which will pass with two extra measures to combat tax avoidance:
One will force multinational corporations with global revenue of $1 billion or more to prepare “general purpose” financial statements, instead of flimsy and secretive “special purpose” statements. This amendment was originally rejected by Treasurer Scott Morrison when it was sent to the House of Representatives last week.
The second will end an exemption for private companies with revenue over $200 million from having to disclose their tax affairs. It will expose the 281 largest companies previously shielded by the government’s Tax and Superannuation Laws Amendment (Better Targeting the Income Tax Transparency Laws) Bill 2015 – otherwise known as the ‘kidnap law.’
In the new year the Greens will work with Labor and the cross-bench to bring the remaining Grandfathering provisions before a Senate Inquiry. I want to hear the arguments from those who remain on the list as to why their tax affairs should be protected from the public gaze.
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