Australia’s Senate on Oct 2 voted to conduct hearings on aggressive tax minimization by corporations registered in Australia and by multinational corporations operating in Australia.
The Economics References Committee will take up the inquiry, which will focus on topics such the adequacy of Australia‘s current laws and tax authority to address tax avoidance, whether there is a need for greater transparency to deter tax avoidance, and whether Australia should collaborate internationally or or act unilaterally to address tax avoidance. The Committee is due to report back in June 2015.
The vote came after the release of a comprehensive report – prepared by United Voice, one of Australia’s largest unions, in collaboration with the Tax Justice Network Australia – that found almost one-third of Australia’s largest companies have an effective tax rate of less than 10 percent and over half operate in “secrecy jurisdictions.” The report received significant media coverage in Australia.
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