Labor To Ensure Multinationals Pay Their Fair Share

Labor will make sure that big multinational businesses pay their fair share of tax in Australia, Member for Isaacs, Mark Dreyfus said.

 

The Hon Mark Dreyfus QC MP

Shadow Attorney General
Shadow Minister for the Arts
Member for Isaacs

 

4 February 2015

 

MEDIA RELEASE 

LABOR TO ENSURE MULTINATIONALS PAY THEIR FAIR SHARE


Labor will make sure that big multinational businesses pay their fair share of tax in Australia, Member for Isaacs, Mark Dreyfus said.

 

Labor has announced a preferred approach that will shut down loopholes which allow big multinationals to send profits overseas and avoid paying tax in Australia. This approach will bring $1.9 billion back to Australia in tax from big multinationals over the next four years.

 

“It is not fair that people in Isaacs work hard and pay tax while big multinationals get let off the hook,” Mr Dreyfus said.

 

“It is not fair that some businesses in Isaacs are paying more tax at home than big multinationals.”

 

This package includes stronger rules to stop big multinationals from double-dipping on tax exemptions and deductions. It also puts new limits on the amount of debt that companies can claim tax deductions against.

 

Labor will also boost resources for the Australian Taxation Office to ensure it has enough staff to track down and tackle corporate tax avoidance.

 

“In the Budget the Liberals handed back more than $1 billion to big multinationals, while telling young Australians that they should pay more for a university degree.

 

“That’s not fair, and it shows just how arrogant and out of touch the Abbott Government is,” Mr Dreyfus said.

 

Labor’s package has been developed in consultation with multinational tax practitioners, academics, industry and was costed by the Parliamentary Budget Office.