Taskforce tackling tax havens losing its funding - Media Release

TURNBULL WON’T TACKLE TAX HAVENS

The taskforce which has clawed back millions of dollars hidden away in the Cayman Islands and other tax havens is losing its funding.

The Commonwealth Director of Public Prosecutions today confirmed in Senate Estimates that the Turnbull Government will end funding for the Serious Financial Crime Taskforce from July 2019.

Tax cheats must be popping the champagne at this announcement.

Just two months ago, the Minister for Revenue and Financial Services praised the Serious Financial Crime Taskforce for uncovering “Australia’s biggest tax fraud”, which involved the Cayman Islands.

Malcolm Turnbull, who was personally named in the Panama Papers, is failing Australians on tax havens. The Liberals won’t close major tax loopholes. Since coming to office, the Liberals have cut over 4000 staff from the Australian Tax Office.

Tax havens hold over $7 trillion of the world’s financial wealth, costing the global economy at least $200 billion in lost taxes every year.

As Tax Commissioner Chris Jordan has noted of recent tax dodging activities: ‘Many of these matters involve deliberate tax evasion, often using overseas tax havens or complex corporate structures to avoid detection and recovery.’

Labor will continue our fight to crack down on tax avoidance, and create a fairer tax system.

THURSDAY, 24 MAY 2018

Authorised by Noah Carroll, ALP, Canberra


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