Immediately prior to the federal election, Treasurer Scott Morrison made an explicit promise to introduce a Diverted Profits Tax to tackle multinational tax avoidance by the end of this year:
"Two pieces of legislation in particular that the government enacted will target this conduct of booking profits offshore - the Multinational Anti Avoidance Law (MAAL) and the Diverted Profits Tax (DPT). ...The DPT will be introduced in the second half of 2016 and will apply from 1 July 2017.”
– Scott Morrison, 27 June.
However, in response to questions from the Government’s own Senator Ian Macdonald in Senate Estimates today, Treasury officials noted that, “the legislation is yet to be drafted.” [Senate Economics Legislation Committee, 16.38.32]
With just over three sitting weeks to go until the end of the Parliamentary year, the Treasurer has dozens of tax measures that he has announced but not enacted. When it comes to taking on the big end of town, Scott Morrison is all mouth and no trousers.
WEDNESDAY, 19 OCTOBER 2016
MEDIA CONTACTS: TAIMUS WERNER-GIBBINGS 0437 320 393