Multinational tax avoidance a threat to budget bottom line: Leigh

The federal budget bottom line could be irreparably damaged if multinationals and large businesses continue to use “dodgy” behaviour to avoid tax, the assistant treasury minister will warn as the government readies new laws to publicly embarrass companies into paying their fair share.

With company tax accounting for 19 per cent of the nation’s revenue base, he will argue that ensuring multinational and large businesses pay their fair share is pivotal to funding services to ordinary voters.“In Australia, as in many other advanced countries, the corporate tax is under pressure. Debt-shifting, royalty payments and tax havens pose a challenge to the ability of countries like Australia to use company taxes to fund vital social services,” he will say.

In a speech to the Centre for Independent Studies on Tuesday, he said the Coalition was committed to a 23.9 per cent cap on tax as a share of GDP while accusing Labor of planning tax increases in future budgets. “Among the shenanigans we’ve seen are shell companies created in low or no tax jurisdictions, allowing multinationals to funnel huge profits into secret locations where they have zero employees and no physical office,” he will say.“The government’s focus is to invite a behavioural change among large and highly profitable corporations about how they view their tax obligations, including their decision-making around tax planning strategies.

swrighteconomy Remove company tax and bring in a 4% revenue tax like a franchise

swrighteconomy Next minute a msg from US ambassador to back off

swrighteconomy If company tax was a reasonable level, & no deductions were allowed, except those approved by Govt - which in many countries include such things as accommodation for expats, schooling for their children, plus auditing for all co's lodging tax returns, proper tax would be paid

swrighteconomy Yep, ABN, ABOVE LAW NOT under it, Lawless, give the worse access to everything, NOT A GOV, SECTION 44, our Established Federal Law refused, REVOKED whitlams abn's Queens of Terrorism 1990-2022 AU DECLARED WAR ZONE! Never Foreign Operations and Never Foreign Ownerships FED LAW.

swrighteconomy In reality multinationals doesn't have any policy on paying Tax Their tax advisors/ Accounts think their main job is advising about tax dodging.If they are educated to give up this mentality the government will achieve their goals.

swrighteconomy Tax minimisation is legal. Stop whinging Mr Leigh, anything illegal prosecute.

swrighteconomy Imagine if we could do something about it? Like strengthening the law I wonder who could do that Mr Assistant Treasurer?

swrighteconomy What is the reason for this dodgy behaviour of multinationals.Greed?

swrighteconomy Well we’ve all known that for years, that and the huge billion dollar subsidies for companies that are making $billions in profit and paying either little or no tax and who suffers? Us as politicians always ensure funding is available to them. It’s time this stopped.

swrighteconomy Our Govt take enough tax from ordinary Australians to fund essential services Perhaps our Govt should reduce wasteful spending & funding of garbage projects & programs Yes, big business should pay their share More money will never be enough for our wasteful Govts auspol

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