DEAR HOCKEY: GET YOUR OWN HOUSE IN ORDER
Joe Hockey’s hypocrisy appears to know no bounds, as he lectures European leaders about cracking down on corporate tax avoidance while re-opening $1.1 billion in loopholes here in Australia.
The Treasurer has reportedly written to the European Union’s tax commissioner urging him to tighten rules that allow profit shifting and lead to erosion of the national tax base.
Yet while Mr Hockey attempts to throw his weight around in Europe, back in Australia he could not be taking a lighter touch on multinational profit shifting.
It’s bad enough that he has given that $1.1 billion back to multinationals. But he and his government are refusing to back Labor’s new bill to put more information about how much tax major companies pay in Australia in the public domain.
He has also committed Australia to introducing the Common Reporting Standard on exchange of financial account information a year later than over 40 of the G20 and OECD countries.
These are the same countries the Treasurer is now lecturing about tightening their rules.
Despite a year of talking tough, Joe Hockey has made little progress on tackling multinational tax avoidance. He should use his mini-budget to close multinational tax loopholes before badgering European leaders with his hot air.
THURSDAY, 4 DECEMBER 2014
MEDIA CONTACT: JENNIFER RAYNER 0428 214 856