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Blog, Gadgets - Written by Renai LeMay on Monday, February 4, 2013 14:54 - 8 Comments
New Govt tax taskforce may tackle Google, Apple
blog Fresh on the heels of the news that Apple Australia paid just $40 million in local taxes off revenues of $6 billion in its 2012 financial year (for Google Australia it was $74,000 off revenues of $201 million; although total revenues are estimated to be closer to a billion), the Federal Government has pledged to work on measures which will force multinational corporations to be more transparent about how they disclose their financial results. The media release, in the name of Assistant Treasurer David Bradbury:
“Today the Government is announcing its intention 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,” said Assistant Treasurer David Bradbury MP.
Protecting taxpayer confidentiality for individuals is essential, but recent events in Australia and around the world call into question whether large and multinational businesses should have the same level of confidentiality about the taxes they have paid.
Improving the transparency of Australia’s business tax system will encourage enterprises to pay their fair share of tax and discourage aggressive tax minimisation practices. It will allow the public to better understand the business tax system and engage in debates about tax policy.
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. This work will enhance the administration and regulation of Australia’s tax system and capital markets.
“That is why I have asked Treasury, in consultation with the Specialist Reference Group on Ways to Address Tax Minimisation of Multinational EnterprisesI announced in December last year, to develop the details of how changes could be implemented,” said Mr Bradbury. In particular: How the policy could best be designed to cover large and multinational businesses, including whether a threshold test would be appropriate; Which federal taxes should be disclosed; and How the tax information should be made publicly available.
In announcing this work, the Government wishes to strongly reaffirm its support for the privacy of individuals’ taxpayer confidentiality. The Government will not publicly disclose the tax information of individuals or small businesses.
Following the first meeting of the Specialist Reference Group later this month, the Government will consider the advice from Treasury and views of the community to assess what changes are appropriate, with a view to introducing any necessary legislative changes this year.”
Latest Delimiter 2.0 articles (subscriber content)
|Politicians from Australia’s major parties need to stop issuing ludicrous blanket pardons for the intelligence community’s ongoing misdemeanours and start applying a basic modicum of transparency and accountability to this important national security function.|
|The independent pro-fibre National Broadband Network movement is doing a far better job of promoting Labor’s Fibre to the Premises-based NBN policy than Labor itself. When is Labor going to wake from its slumber and start supporting this scrappy but energetic grassroots network of activists?|
|Ziggy Switkowski's first substantial public appearance since being appointed NBN Co chief executive has starkly demonstrated just how different he is from his predecessor, Mike Quigley, and just how strictly he will adhere to the guidelines which his patron, Communications Minister Malcolm Turnbull, has set for him.|
|Australian technology companies have been virtually absent from the the nation’s public stockmarket over the past decade as the stigma of the dot com bust took its toll on investor confidence. But a clutch of new listings planned for the closing months of 2013 shows renewed interest in the sector and that local entrepreneurs are smelling money in the air once again.|
|NBN Co’s Strategic Review process gives the company an unmissable opportunity to re-evaluate the early decision to deploy its FTTP network primarily through Telstra’s underground ducts. The company and its new Coalition masters must now seriously consider deploying more fibre aerially on power poles in an effort to speed up its rollout substantially.|
|That moment which many Australian technologists fervently hoped for but never expected to see has come to pass: Simon Hackett has been appointed to the board of the National Broadband Network Company. But what questions should the Internode founder be asking NBN Co’s executive management team? Here’s five ideas to start with.|
|The rapid replacement of respected NBN Co chief operating officer Ralph Steffens with a Telstra executive who appears less experienced with fibre rollouts but better politically connected represents a key signal that NBN Co’s senior executive hiring process has now become completely politicised and is no longer independent from the Federal Government.|
Enterprise IT, News - Dec 6, 2013 12:50 - 0 Comments
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News, Telecommunications - Dec 6, 2013 11:54 - 68 Comments
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Digital Rights, News - Dec 5, 2013 14:08 - 25 Comments
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