Media Release - Coalition Helps Big Businesses Keep Taxes Secret


ANDREW LEIGH MP


SHADOW ASSISTANT TREASURER
MEMBER FOR FRASER
MEDIA RELEASE


Coalition Helps Big Businesses Keep Taxes Secret


Australians should be very concerned about the Abbott Government's plans to allow big business to hide their tax affairs, Shadow Assistant Treasurer Andrew Leigh said today.

In today’s Australian Financial Review, Assistant Treasurer Arthur Sinodinos said: “We don’t want to get into a situation where we’re putting more and more information out there.”

"While in office, Labor put in place measures that required 200 of Australia's largest firms to disclose their total income, taxable income and tax paid," said Dr Leigh.

"We did this to make sure that big firms paid their fair share of tax.

"But as we've seen in other areas, the Coalition wants to keep the sunlight out.

"After hiding the boats and hiding the ministers, they're now hiding the tax returns of big businesses.

"Having recently reversed Labor's $700 million crackdown on offshore profit-shifting by multinationals, the Government is reversing transparency measures on the tax paid by large firms.

By allowing firms to avoid public scrutiny, Australians could miss out on millions of dollars of extra revenue.

"Every extra loophole for multinationals means a bigger tax burden on families," said Dr Leigh

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