February 14, 2017
The Federal Government expects to claw $2 billion back from multinational companies this year, Member for Wide Bay Llew O’Brien said on Tuesday.
The money 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.
Mr O’Brien said the government is cracking down on multinational tax dodgers to ensure they pay their fair share of tax.
“Australia needs a sustainable tax system so we can afford the services and infrastructure residents in Wide Bay rely on,” Mr O’Brien said.
“While it was disappointing the opposition voted against the Multinational Anti-Avoidance legislation in Parliament, the Coalition is strongly combatting those multinational companies who seek to game the system.”
Mr O’Brien said the government intends to continue its tough approach.
“The new Diverted Profits Tax we introduced to Parliament last week will close loopholes and prevent multinationals shifting the profits 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 July 1 and is expected to raise $100 million a year in revenue from 2018-19.
