On March 21, Treasurer of Australia Scott Morrison told Parliament that the Australian Taxation Office managed to get Facebook, Google and other multinational companies to pay tax in Australia based on their Australian profits as ATO could use "the power, the resources and the penalties to get the job done."
The treasurer told Parliament that Facebook is now booking its Australian revenue in Australia rather than in Ireland. "On top of that, Google have also changed their arrangements," he said. Mr. Morrison, quoting tax commissioner Chris Jordan, said multinationals were restructuring to models where sales were booked in Australia. The government had given the Australian Taxation Office "the power, the resources and the penalties to get the job done," Morrison said.
Australia will take in an extra 2 billion Australian dollars in tax from multinationals in the current fiscal year because of the Multinational Anti-Avoidance Law, Treasurer Scott Morrison told Parliament. He then pointed out that the Labor Party, when they were in government, "did absolutely diddly-squat when it came to the issue of making multinationals pay their fair share of tax," the treasurer said.
However according to Shadow assistant treasurer Andrew Leigh, the measure proposed by the opposition would bring eight times more revenue. He said that the government should drop its corporate income tax cut and adopt Labor's plans to get tough on multinational tax avoidance.
With the fast growth of China’s economy and the continuous improvement of the comprehensive strength of domestic enterprises, as well as the implementation of the “One Belt, One Road” policy, an increasing amount of Chinese enterprises are beginning to expand their global footprint and establish their presence in Europe.
TPA Global has developed a practical roadmap of 6 steps meant to guide CFOs in their Journey of rising above troubles to reach a situation of full control. These steps are presented in a series of short video clips (3-5 minutes):
What the Boardroom needs to know about Tax today
Webinar - Thursday, May 31, 2018 | 4:00 PM - 5:00 PM (CET)
How to run VCA in 2018? - 3 Practical Case Studies
Webinar - Thursday, June 7, 2018 | 4:00 PM - 5:00 PM (CET)
How Much Automation Of Tax Flows Is Possible?
Webinar - Thursday, June 28, 2018 | 4:00 PM - 5:00 PM (CET)
Global Tax Controversy - Workshop for Corporates
Global Event - Thursday, June 21, 2018 | 9:00 AM - 6:00 PM (CET)
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