Hockey rolls back measures to get multinationals pay fair share of tax - 6 November 2013

This afternoon I issued a media release in response to the Government's announcement today it will shy away from a package of measures to prevent multinationals taking profits offshore.



6 November 2013

MEDIA RELEASE



HOCKEY GIVES GREEN LIGHT TO BIG MULTINATIONAL TO MINIMISE TAX

Shadow Assistant Minister, Andrew Leigh, says the Government has watered down Labor’s efforts to get multinationals to pay their fair share of tax.

“Labor’s rules were designed to stop profits being shipped overseas. The Treasurer’s amendments announced today will put less pressure on multinationals and more pressure on families.

“Labor’s rules would have swollen the budget by $1.8 billion but the Coalition’s amendments will only net $1.1 billion. That means there will be $700 million less in tax revenue and a reduction in services or higher taxes.”

“After railing against a so-called budget emergency, Mr Hockey is now presiding over a budget blow-out.”

“Mr Hockey’s cave-in to multinationals means that Australian families will pay more tax or get fewer services.”

“It means the Government’s Commission of Cuts will have to deliver an even more savage blow to families.”

“Australians understand that multinationals need to pull their weight,” said Dr Leigh.

ENDS

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8/1 Torrens Street, Braddon ACT 2612 | 02 6247 4396 | Andrew.Leigh.MP@aph.gov.au