Multinationals Should Pay 50% If Not Paying Their Fair Share of Tax
Sustainable Australia says the Turnbull Government hasn’t gone in hard enough to prevent multinational companies shifting profits offshore, as announced in last night’s Budget.
Sustainable Australia’s Senate candidate in NSW, William Bourke, says the 40% penalty tax rate on profits shifted offshore is too soft, and Sustainable Australia believes multinationals found avoiding tax should be forced to pay 50% tax so they pay their fair share.
Mr Bourke says the Turnbull government has completely misread the public mood regarding what people want from tax reform.
“Apple is worth $980 billion but Prime Minister Turnbull is cutting company tax. This is a joke when some multinational companies pay such little tax.
“Sustainable Australia is calling for a simpler, fairer tax system under which multinationals like Apple and Google pay their fair share.
“We need tax cuts for workers, not company tax cuts for Big Business.
“The ATO has admitted that there were 98 companies operating in Australia with earnings of over $200 million annually which paid no company tax at all in 2013-14.
“The company tax reform that Australians really want to see is multinationals paying their fair share,” Mr Bourke says.