CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Australia Launches 'Black Economy' Taskforce

Australia Launches 'Black Economy' Taskforce

by Mary Swire, Tax-News.com, Hong Kong

19 December 2016


The Australian Government has announced the establishment of a Black Economy Taskforce, which will be charged with recommending a policy framework and proposals for countering "black economy" activities.

The group will be chaired by Michael Andrew, who previously headed up the B20 anti-corruption taskforce. Participants will include the Reserve Bank of Australia, the Australian Federal Police, the Australian Securities and Investments Commission, the Australian Prudential Regulation Authority, the Australian Transaction Reports and Analysis Centre, and the Departments of Human Services and Immigration.

Revenue Minister Kelly O'Dwyer said: "The Taskforce will look carefully at successful measures that have been employed overseas. Experience from both Australia and overseas shows that successful black economy strategies must avoid one-size-fits-all approaches, include a mix of both traditional tax enforcement and other tools, and provide positive incentives as well as sanctions."

O'Dwyer explained that the "black economy" typically refers to those who operate entirely outside the tax system or who are known to tax authorities but deliberately misreport their tax obligations. It can also include those engaged in organized crime, including those who produce and sell prohibited goods.

According to the Australian Bureau of Statistics, the black economy could be as large as 1.5 percent of Australia's GDP – around AUD24bn (USD18bn).

The Taskforce will provide a final report in October 2017. O'Dwyer said this will include "an overarching whole of government policy framework and detailed proposals for action to counter the black economy."

TAGS: compliance | tax | value added tax (VAT) | tax compliance | tax avoidance | government committee | goods and services tax (GST) | Australia | enforcement | tax authority | services | Immigration | Investment | Invest | Economy | Immigration | Investment | Tax | Tax Evasion

To see today's news, click here.

Leave a comment

Read our Posting Guidelines

 






Close

Password Reminder

Please enter your email address to receive a password reminder.

 






Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Tax-News+ Updates

Receive FREE daily updates from Tax-News.com, straight to your inbox. Register Now!

For a tailored solution, choose to receive selected news updates for your preferred jurisdictions and topics, with our enhanced Tax-News+ subscriber service. Read more...

 

Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »