Responding to today’s reports that the Federal Government may consider cuts to the company tax rate, Oxfam Australia’s Finance for Development Manager Joy Kyriacou said:
“Oxfam is alarmed by reports today that the Australian Government is considering cutting taxes for multinational companies, which are already at an advantage because they’re not paying their fair share of tax.
“Rampant tax-dodging by multinationals is draining away revenues from national budgets. As a priority, multinational companies must first pay their fair share of tax.
“Forty per cent of publicly listed Australian companies with a turnover of more than $250 million paid no tax in 2014-15, the Australian Tax Office revealed in December. And, a 2014 Tax Justice Network report showed almost 60 per cent of all ASX listed companies were found to hold subsidiaries in tax havens.
“These practices are bad for Australia and bad for the countries in our region – poorer nations globally lose at least US $100 billion a year due to tax-dodging. The cost is being borne by ordinary people – particularly women and children – who rely on public services and who are suffering because of aid budget cuts. Eighteen of Australia’s closest neighbours are developing countries, some of which rate among the poorest in the world, including Timor-Leste, Cambodia and Myanmar.
“It is time for the Australian Government to do much more to crack down on large companies dodging taxes, not less. These companies should have to justify their investments in tax havens, and be required to publicly report the taxes they pay – both in Australia and overseas.”
More information at: www.oxfam.org.au/inequality/maketaxfair/
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