Wednesday, 15 February 2017
The $2 billion in tax liabilities from multinationals is expected to come from assessments relating to seven audits of large multinational companies in the energy, resources and e-commerce sectors, by the Australian Taxation Office (ATO).
Mr Keenan said the news is proof that the Turnbull Government has gotten on with the job of strongly combatting those multinational companies who seek to game the system.
“As I travel around and talk to people living in Stirling there is broad agreement that multinationals should pay their fair share of tax,” Mr Keenan said.
“Last week we introduced into Parliament the new Diverted Profits Tax, which will close loopholes and prevent multinationals shifting the profits that they earn in Australia offshore to avoid paying tax.
“Australia needs a sustainable tax system with integrity to ensure we can afford the services and infrastructure Stirling residents can rely on now and into the future.”
The Diverted Profits Tax will commence on 1 July 2017, and is expected to raise $100 million in revenue a year from 2018-19.
Michael Keenan MP
Unit 3, 19 Wotan Street,
Innaloo WA 6018
Phone: (08) 9445 3222