SENATE SUPPORTS TRANSPARENCY OVER SECRECY
Joint Media Release with Senator Sam Dastyari
The Senate has today stood up for tax fairness by passing the Multinational Tax Avoidance Bill with important amendments that restore tax transparency.
Today’s amendments have reversed the Government’s shameful attempt to gut Australia’s tax transparency laws. Private companies earning more than $100 million a year will continue to be included in transparency reports published by the Australian Tax Office.
Importantly however, companies will be able to apply to the Commissioner of Taxation for an exemption where there is a genuine risk that disclosure will affect sensitive commercial negotiations.
The first report must now be published by the end of 2015, giving an unprecedented insight into which big firms are paying their fair share.
In restoring tax transparency while supporting the key multinational tax provisions, the Senate has greatly improved the Government’s bill.
Labor, the Greens and crossbench senators including Nick Xenaphon and Ricky Muir worked constructively to deliver an outcome which is good for tax fairness and good for Australians.
The bill will now return to the House of Representatives for a final vote.
If the Government is serious about ensuring all companies pay their fair share of tax, it will pass the amended bill without further delay.
WEDNESDAY, 11 NOVEMBER 2015
MEDIA CONTACTS: JENNIFER RAYNER 0428 214 856 (LEIGH)
CAMERON SINCLAIR 0407 372 711 (DASTYARI)