Treasury has been asked to advise on ways for making the taxation arrangements for large and multinational businesses more transparent.
According to Assistant Treasurer, David Bradbury, the Treasury would consult with a Specialist Reference Group on Ways to Address Tax Minimisation of Multinational Enterprise to develop specific details of how the Government’s desired changes might be implemented.
Mr Bradbury said he had asked for advice on how to include information on designing the best policy; which Federal taxes should be disclosed; and how the tax information should be made publicly available.
Treasury to plan policy
He said he made the request as part of attempts to improve the transparency of Australia’s business tax system.
“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,” Mr Bradbury said.
He said protecting taxpayer confidentiality for individuals was essential, but recent events in Australia and around the world called into question whether large and multinational businesses should have the same level of confidentiality about the taxes they paid.
He said he hoped better transparency would encourage enterprises to pay their fair share of tax and discourage aggressive tax minimisation practices.
“The Government will also explore ways to improve the sharing of tax information between the Australian Taxation Office and other key corporate regulators including the Foreign Investment Review Board, the Australian Securities and Investments Commission and the Australian Prudential Regulation Authority,” Mr Bradbury said.