Second Reading Speech: Tax Laws Amendment (Tougher Penalties for Country-by-Country Reporting) Bill 2016, 2 May 2016: House of Representatives
Dr LEIGH (Fraser) (11:39): I move:
That this bill be now read a second time.
The image of blue Caribbean seas, golden island sands and a lonely coconut palm standing above a spot marked X on a faded map remains a powerful image in our social mythology.
And well it might, because the notion of buried treasure in the Caribbean is no myth. In the 2012 American election there was widespread outrage at the notion that Mitt Romney had been keeping a significant share of his wealth in the Cayman Islands. Perhaps this was because he and other wealthy people with money to hide from tax had noticed that the previous year the Tax Justice Network's Financial Secrecy Index had declared the Cayman Islands to be the world's second most significant tax haven.Read more
WHO GOT SCOMO TO DROP TAX LOOPHOLE ACTION?
This morning’s revelations in The Australian that at the last minute Scott Morrison backed away from plans to effectively address tax avoidance by multinational companies have raised further awkward questions about his budget for big business. Why did Scott Morrison get cold feet, and who bullied him into backing down?
Prior to his first budget speech, the Treasurer’s Office was briefing journalists that the Government would be reduce the so-called “safe harbour” level in thin capitalisation rules from 60 per cent of total assets to 50 per cent to cut the amount of debt multinational companies can load into their Australian subsidiaries. In fact, a definition of “thin capitalisation law” still sits abandoned in the glossary of terms for the 2016 budget, published online by Treasury.Read more
Change is made by those who show up - a tribute to Pat Corbett
I rise this afternoon to pay tribute to Patricia Lukin Corbett, a branch member of mine and a terrific supporter of progressive politics in Australia. Pat passed away on 3 January this year aged 89. Her life was an extraordinary one of service to others. She reminded us of the adage that change is made by those who show up.Read more