The Tax Justice Network Australia (TJN-Aus), Transparency International Australia (TIA) and the Centre for International Corporate Tax Accountability and Research (CICTAR) have submitted a joint paper to the Treasury’s International Tax Unit to call for reforms to ensure multinational corporations pay a fair share of income tax.
Increased integrity in the tax system would bring with it a range of benefits: from increased public investments to support aged care, early childhood development, disability services and public health systems to actually increasing revenue for corporates by shifting public attitudes towards fair taxation.
In this submission, the signatories outline how the obligation to disclose all corporate subsidiaries will allow for the simplification of the tax system, increase transparency, and ensure greater tax revenue raising from multinationals.