Large multinational firms would pay up to $4.5 billion more in tax and reveal far more about their inner workings in the Australian market while penalising promoters of tax avoidance schemes under a suite of policies from the Greens.
In a move that together with other policies the Greens admit would increase the tax take on large businesses and high wealth individuals by $391 billion over the coming decade, party leader Adam Bandt will on Saturday declare the “theft” of money by multinationals from Australian taxpayers has to stop.
Greens leader Adam Bandt will announce a series of policies closing loopholes for corporate tax minimisation.Credit:Alex Ellinghausen
Both major parties have targeted multinational tax in their policies over the past decade following revelations at the time of the global financial crisis of mass avoidance and in some cases evasion of corporate tax.
It is expected to form a part of the efforts of both Labor and the Coalition to repair the budget, which is forecast to show a deficit of more than $100 billion this year. Gross government debt on Friday reached a new record of $857 billion.
In a speech to the Greens national conference, Mr Bandt will outline a string of measures he says will block the ways multinational businesses avoid paying Australian company tax.
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The measures, costed by the independent Parliamentary Budget Office, would reap an additional $4.5 billion in revenue by 2031-32.
“Right now, we’re all being ripped off by multinational corporations who hide their profits in tax havens, shell companies and use accounting tricks to get away with paying their fair share of tax,” he will say.
“We must close the loopholes and stop the cash train departing our country. The tax law might be complicated, but the morality is pretty simple. We’re being robbed and we need to get this cash back.”
Greens release corporate tax policies to raise extra $4.5bn per year
Source: Philippines Alive
