JORDAN JOINS GOOGLE TAX CRITICS
Joe Hockey’s Google Tax has yet another critic, with Tax Commissioner Chris Jordan describing it as only a ‘stopgap’ measure for tackling tax avoidance by global tech firms.
The Tax Commissioner is the latest in a string of experts to advise that the Treasurer’s thought-bubble will not solve the problem of big multinationals shifting profits offshore.
The independent Parliamentary Budget Office and tax experts such as KPMG and Minter Ellison have already warned that the Treasurer’s plans would violate Australia’s tax treaties and undermine the OECD’s international effort to build better tax rules.
Joe Hockey must listen to his Tax Commissioner and pop this thought-bubble before it goes any further.
Instead of including this ill-fated measure in the May Budget, the Treasurer should adopt Labor’s $1.9 billion tax package which clamps down on debt deductions and stops multinationals double-dipping on tax benefits.
Unlike the Google Tax, our package is fully costed and fits within all of Australia’s international treaties.
The Treasurer is clearly incapable of coming up with his own effective tax solutions. But he is welcome to use ours to add $1.9 billion to the budget bottom line.
WEDNESDAY, 8 APRIL 2015
MEDIA CONTACT: JENNIFER RAYNER 0428 214 856