New amendments proposed by Treasury aim to tighten multinational tax loopholes, increase transparency and ensure multinationals pay their fair share of tax.
It follows on from the government's decision, in this year's federal budget, to introduce an integrity measure to address risks to Australia’s domestic tax base stemming from the use of excessive debt deductions.
"Australians expect companies to pay their fair share. When global multinationals exploit loopholes to pay less tax, they’re gaining an unfair advantage over local businesses,” Treasurer Jim Chalmers said.
“Labor will continue working to close multinational tax loopholes and prevent companies unfairly shifting profits to tax havens.”
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