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. Morrison Tells MNEs: Pay Your Taxes

Morrison Tells MNEs: Pay Your Taxes

by Mary Swire,, Hong Kong

07 November 2017

Australian Treasurer Scott Morrison has said that his message to multinational corporations is "pay your tax based on what you earn here in Australia."

Morrison made the comment during a doorstop interview with reporters. He was asked whether, with the release of the Paradise Papers, Australia is doing enough to collect the tax it is owed. Morrison said that Australia has been "leading the charge in relation to international jurisdictions" since the last major leak of tax-related documents, the Panama Papers.

Morrison added that "when you look around the world we have now one of the toughest, if not the toughest jurisdiction on multinational tax avoidance of anywhere in the world."

When asked what his message is to multinationals, Morrison replied: "Pay your tax." He said that this "is happening more and more often," with the Australian Taxation Office (ATO) reporting AUD4bn (USD3.1bn) in settlements, around AUD1bn of which has "been specifically able to be dealt with because of our tougher multinational anti-avoidance laws." In addition, the anti-avoidance laws have brought "about AUD7bn worth of sales… back into the GST net."

Morrison also explained that Australia's Diverted Profits Tax, which came into effect on July 1, enables the ATO to "apply a penalty rate of tax to any payments that weren't made under our tax law."

He said: "Get your house in order, get your affairs in order, and we will work with those organizations to see that it is resolved. But for those who want to run and hide and try and shift and sneak about, well you will get hit with a Diverted Profits Tax."

TAGS: compliance | tax | business | tax compliance | tax avoidance | law | Australia | Bermuda | multinationals | tax planning | transfer pricing | tax reform | Panama | Tax | Tax Evasion | BEPS

To see today's news, click here.


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 »

Stay Updated

Please enter your email address to join the 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 »