HOUSE OF REPRESENTATIVES - 27 NOVEMBER 2024
This is an important reform for multinational tax integrity in Australia. This bill puts in place a global minimum tax. It ends the race to the bottom in company taxes that imperils the corporate tax base around the world. That matters for all countries that impose corporate taxes but particularly for Australia, which has traditionally drawn a considerable share of the revenue that we use to fund schools, roads and hospitals from corporate taxes. By having that global minimum floor, that 15 per cent minimum floor, Australians will be made better off.
This bill is about fairness. It's about ensuring multinationals pay their fair share. Australia welcomes foreign investment, but being a multinational is no license to dodge taxes. It is vital that multinationals understand that Australia is serious about multinational tax compliance.
This bill is about fairness. It's about ensuring multinationals pay their fair share. Australia welcomes foreign investment, but being a multinational is no license to dodge taxes. It is vital that multinationals understand that Australia is serious about multinational tax compliance.
No government in Australian history has done more than the Albanese government to address multinational tax integrity. No government around the world is doing more to close multinational tax loopholes and improve transparency.
I commend the bill and this amendment to the House.
Question agreed to.