Legislation to counter tax avoidance and transfer pricing has passed the House of Representatives today.
The Tax Laws Amendment (Countering Tax Avoidance and Multinational Profit Shifting) Bill 2013 strengthens the general anti avoidance rule, known as Part IVA, and the Transfer Pricing regime.
"These amendments strengthen the rules to counter profit shifting and tax avoidance, and will protect at least $1 billion of revenue a year," said Mr Bradbury.
"The Gillard Government is committed to ensuring that large multinational companies pay their fair share of tax so that families, pensioners and small businesses do not have to take on a higher burden of taxation in the future."
The Coalition, unfortunately, opposed these amendments and voted against them in the Parliament. Shadow Treasurer Joe Hockey – who was the Shadow Minister responsible for the Bill – was not even present for the vote, instead participating in a live blog.
"The Gillard Government will continue to pursue sensible measures to protect Australia's revenue base and crackdown on the practices of profit shifting and aggressive tax minimisation.
"This includes a package of measures announced in the Budget and a move towards greater transparency of tax payable by large corporate entities."