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Australia Pushing For MNEs To Pay 'Fair' Tax Contribution

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

12 March 2014


The Australian Assistant Treasurer has urged corporate taxpayers to accept that they have a responsibility to pay a fair share of taxation.

Discussing the Government's attitude toward profit shifting by multinational companies, Arthur Sinodinos claimed, in an interview with Sky News, that firms "have a social contract, and as part of the social contract they have to be fair taxpayers."

Discussing the Government's plans during its presidency of the Group of Twenty (G20) nations, Sinodinos said: "For us, tackling issues which really amount to what's called base erosion profit shifting have to be done in a multilateral context, rather than unilaterally, because otherwise it often invites companies just to get out of a particular tax jurisdiction, i.e. Australia. So what we're doing is we're working methodically through the G20 on about a 15- to 16-point action plan which was discussed at the G20 meeting here in Sydney under Joe Hockey's chairmanship. The first part of it deals with matters like transfer pricing for example."

Sinodinos said that progress among members of the G20 will have been achieved by the time of the Brisbane Summit in November, by which time the G20 will have agreed what needs to be done, he said.

As G20 President, Australia is spearheading the development of an action plan to deal with transfer pricing issues, the automatic exchange of information, and the creation of a common reporting system for tax purposes.

TAGS: compliance | tax | tax information exchange agreement (TIEA) | tax compliance | tax avoidance | tax incentives | Australia | agreements | tax planning | transfer pricing | G20 | revenue statistics | Tax | Tax Evasion

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