Multinationals are fighting back against a proposal by a Federal Government's tax advisory board to increase transparency, arguing political leaders first need to define what a tax haven is.The government's tax advisory board has asked whether greater detail about a company's tax disputes should be revealed
The code is voluntary, and aims to give Australians a more detailed picture of a company's tax affairs, by allowing companies with more than $100 million annual turnover to divulge greater tax information in their annual reports, financial reports and/or websites. ABC News examines the main tax changes for businesses that the major political parties are proposing, and the estimated dollar impact on the federal budget.
KPMG said disclosing these risk ratings would be"potentially misleading and of little value to the public in understanding a signatory's actual compliance with its tax obligations". Recent Treasury consultation has raised the possibility that signing the Code may become a de facto requirement for companies that bid for certain Federal Government contracts. KPMG suggests postponing finalising its proposals until after a decision on that is made.Australia's rich keep getting richer, with the top 1 per cent of Australians owning more wealth than the bottom 70 per cent combined.
"This is contrary to what has largely already been a mandatory measure in the EU for financial institutions," Mr Zirnsak said.
Buried this one deep, ourabc Quoting KPMG tax advisors in an article about abuse of tax havens... Quality journos....
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