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Name and shame: tax transparency plans

Global giants including Apple and Google will be forced to reveal how much tax they pay the federal government, under a plan to name and shame firms seen to be dodging their responsibilities by using tax havens. The proposed crackdown, announced today, would also clear the way for the government to publish more detail on how much mining tax resources firms are paying. Until now, the government has refused to say exactly how much money the mining tax has raised, citing the need for taxpayer confidentiality. A fundamental principle of tax law is that the affairs of all taxpayers, from individuals to corporate giants, are kept secret. But with governments around the world seeking to protect their budgets against use of tax havens, especially by technology firms, large companies operating in Australia may no longer enjoy such privacy. Federal Labor hopes to pass legislation before the September election that would require large firms to publish more detailed information on how much tax they pay. Treasury is currently looking at how to implement the change, ahead of a meeting of a high-powered working group meeting later this month. “Large multinational companies that use complex arrangements and contrived corporate structures to avoid paying their fair share of tax should not be able to hide behind a veil of secrecy,” the Assistant Treasurer, David Bradbury, said. More…

News selected by Covalence | Country: Australia | Company: Apple, Google  | Source: WAtoday.com.au
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