The Coalition Government is ensuring multinational tax dodgers pay their fair share of tax, helping to ensure crucial government services Territorians rely can be delivered and are more sustainable.
Country Liberals Senator for the Northern Territory, Nigel Scullion, has welcomed the news that around $2 billion in tax is expected to be clawed back this financial year under the Coalition Government’s crackdown on multinational tax avoidance.
The $2 billion in tax liabilities from multinationals is expected to come from assessments relating to seven audits conducted by Australian Taxation Office (ATO) of large multinational companies in the energy, resources and e-commerce sectors.
“This is further proof the Coalition Government’s strong action is effectively dealing with non-compliance behaviour of multinationals in Australia. Australia needs a sustainable tax system with integrity to ensure we can afford the services and infrastructure Territorians rely on now and into the future,” Senator Scullion said.
“While it was disappointing and hypocritical that Bill Shorten and the Labor Party voted against the multinational anti-avoidance legislation in the Parliament, this news is further proof the Coalition Government has simply gotten on with the job of strongly combatting those multinational companies that seek to game the system.
“We are continuing to build on these tough measures with the introduction to Parliament in the most recent sittings of legislation implementing the new Diverted Profits Tax which will close loopholes and prevent multinationals shifting the profits that they earn in Australia offshore to avoid paying 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 continues to deliver on our commitment to keep our tax system strong. While we believe in lower rates of taxation, paying them is not optional for multinationals,” Senator Scullion said