Commenting on the Federal Government’s latest plan to push for corporate tax cuts in Parliament this week, Oxfam Australia’s Economic Policy Adviser Joy Kyriacou said:
“The proposed tax cuts have repeatedly been put on hold after failing to get enough support to get through the Senate.
“In addition to a lack of public support for the policy, there is clear evidence that a number of big corporates in Australia are already failing to pay their fair share of tax.
“Australian Tax Office data has shown that more than one in three large Australian companies paid zero tax in Australia for the past three years of reporting.
“There is also clear evidence that wealthy corporations are hiding profits in tax havens and ripping billions of dollars from the public purse every year, both in Australia and developing countries around the world.
“The world’s poorest countries are estimated to be losing out on well over USD $100 billion annually because of corporate tax avoidance – money that could be used for vital public services that help communities lift themselves out of poverty.
“Tax dodging fuels the widening inequality gap and traps communities in a cycle of economic hardship. It squirrels away money that should be used for vital medical services, education and essential infrastructure.
“There should be no further horse trading in the beleaguered bid to get cuts for big business over the line. Australia must not become the latest country to join a race to the bottom on corporate tax rates.”
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