As the G20 leaders meet this weekend, this is Joe Hockey's opportunity to show he's capable of more than talk on multinational tax avoidance.
TIME FOR HYPOCRITICAL HOCKEY TO ACT, NOT TALK
Joe Hockey has gone into overdrive with hypocritical rhetoric on multinational tax as the G20 leaders meet this weekend.
But all the talk in the world won't make up for the fact that the Treasurer consistently fails to act when it counts.
Every time he and the Coalition had the chance to work with Labor to close tax loopholes in the past few years, they voted against this.
Hockey voted against Labor’sCountering Tax Avoidance and Multinational Profit Shifting Bill 2013, which plugged loopholes in Australia’s transfer pricing rules and anti-avoidance provisions.
Hockey and his Liberal National colleagues also attempted to block Labor’s Cross-Border Transfer Pricing Bill 2012, which cracked down on companies overvaluing assets in international transactions.
Since taking government, the Treasurer has ditched five significant Labor tax measures which would have stopped more than $1.1 billion in profits being siphoned offshore.
These include dumping reforms to the offshore banking unit and not proceeding with changes governing reporting for multiple entry consolidated groups.
Joe Hockey is promising a lot from this weekend's summit, but his record shows no real commitment tackling corporate tax avoidance.
Australians want to see real reforms that will add to the budget bottom line by ensuring companies pay their fair share.
Hypocritical talk won't achieve that; this weekend Joe Hockey must show he's got the will to act.
SATURDAY, 15 NOVEMBER 2014
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