The Government has introduced provisions to establish one of the world’s most comprehensive public country‑by‑country reporting regimes in a major step forward for tax transparency. This implements a key election commitment of the Government to make multinationals pay their fair share in tax.
Public country‑by‑country reporting will provide the community with a better understanding of how much tax multinationals pay relative to their activities. It puts the onus on large multinationals (with annual global income of A$1 billion or more) to be upfront about where they pay tax and how they plan their tax strategies.
Better corporate tax transparency will improve tax integrity and inform the public debate over multinational taxation by providing stakeholders and experts with information about tax paid by multinationals.
The Government has conducted extensive consultations on the legislation to ensure it is appropriately balanced.
This bill builds on Labor’s strong track record of supporting tax fairness through tax transparency.