This joint submission from Publish What You Pay Australia, Transparency International Australia, and the Jubilee Australia Research Centre on the exposure draft of Treasury Laws Amendment Bill 2024: Multinational tax transparency— country by country reporting, focuses on on the unique risks for tax evasion, profit shifting and corruption in the
extractives sector.
Transparency International Australia is pleased to provide the following comments and recommendations as part of the consultation into modernising Australia’s anti-money laundering and counter-terrorism financing regime.
Proposed changes to multinational tax transparency would go some way to aligning Australian multinational companies with global reporting obligations. However, more could be done to create a level playing field.
Disclosure of corporate subsidiaries will simplify the tax system while creating a fairer share of corporate income tax is paid by multinationals, with significant benefits to Australian society.
Tax and transparency advocates welcome the federal government’ plan to raise $1bn more in revenue from multinational corporations and get back $3.7bn in forecasted extra revenue from existing tax compliance programs over 4 years.