The Turnbull Government’s failure to address multinational tax evasion is an affront to the hardworking small businesses paying tax in Australia.
Yesterday’s release of tax transparency data revealed that one in four of the companies examined in the report paid no tax despite earning over $100 million in revenue.
In the energy and resources sector 57 per cent of multinational firms paid no tax, while in the banking and financial sector the figure was 45 per cent.
While these large corporations pay no tax and the Small Business Minister is happy to make excuses for them, hundreds of thousands of small businesses in Australia are left carrying the tax burden.
Labor’s plan to address multinational tax loopholes is a vital reform to ensure large corporations are paying their fair share of tax.
The Liberal Party’s failure to act on these loopholes is a slap in the face to the hardworking Australian small businesses that in many situations are paying more tax than these large corporations.
FRIDAY, 18 DECEMBER 2015