The Albanese Government is progressing work to tighten multinational tax loopholes, increase transparency and ensure multinationals pay their fair share of tax in Australia.
Consultation opens today on exposure draft parliamentary amendments to the Treasury Laws Amendment (Making Multinationals Pay Their Fair Share – Integrity and Transparency) Bill 2023.
Australians expect companies to pay their fair share. When global multinationals exploit loopholes to pay less tax, they’re gaining an unfair advantage over local businesses.
The publication of the draft amendments follows the Senate Economics Legislation Committee’s report on the Bill, released on 22 September. The Senate Economics Legislation Committee recommended Schedule 1 of the Bill (disclosure of subsidiaries) be passed unamended and that Schedule 2 of the Bill (thin capitalisation) be passed subject to technical amendments.
The exposure draft amendments reflect these technical amendments to the thin capitalisation schedule foreshadowed by Treasury. Treasury will continue to work with industry stakeholders throughout the public consultation process. The consultations conclude on 30 October 2023.
Labor will continue working to close multinational tax loopholes and prevent companies unfairly shifting profits to tax havens. Our plan is good for taxpayers, good for competition, and good for Australia.