INCREASING GLOBAL TAX TRANSPARENCY
The Albanese Government is delivering on its promise to make multinational companies pay their fair share with consultations opening on exposure draft legislation to establish one of the world’s most comprehensive public country-by-country reporting regimes.
Public country-by-country reporting will provide the community with a better understanding of how much tax multinationals pay relative to their activities. It puts the onus on multinationals to be upfront about where they pay tax and how they plan their tax strategies.
Country-by-country reporting represents a major step forward for tax transparency and maintains global momentum towards improved tax integrity.
The exposure draft builds on previous consultations and reflects the Government’s previous commitment to better align the measure with the European Union’s public country by country reporting directive.
Treasury will continue to work with industry stakeholders throughout the public consultation process. The consultation concludes on 5 March 2024.