Australia cracks down on global firms avoiding tax

AFP, CANBERRA: Australia yesterday unveiled a further push to crack down on tax avoidance by multinational companies, imposing a 40 per cent penalty rate on firms that shift profits offshore.
The revenue-raising measure, which is similar to the so-called “Google Tax” introduced by Britain last year, was a key part of the nation’s annual budget.
It is forecast to raise Aus$3.9 billion (US$2.95 billion) over the next four years when combined with a broader tax avoidance package.
The package includes stronger protections for whistleblowers and harsher penalties for multinationals that fail to meet tax compliance or disclosure obligations.

Australia cracks down on global firms avoiding tax

AFP, CANBERRA: Australia yesterday unveiled a further push to crack down on tax avoidance by multinational companies, imposing a 40 per cent penalty rate on firms that shift profits offshore. The revenue-raising measure, which is similar to the so-called Google Tax introduced by Britain last year, was a key part of the nations annual budget. It is forecast to raise Aus$3.9 billion (US$2.95 billion) over the next four years when combined with a broader tax avoidance package. The package includes stronger protections for whistleblowers and harsher penalties for multinationals that fail to meet tax compliance or disclosure obligations.