Medical device companies receiving more in government subsidies than they pay in tax strengthens the case for the government’s planned crackdown on multinational companies.
The multinational companies – which supply the nation’s hospitals with medical devices such as hip joints,screws,pacemakers and trauma plates – have been accused of shifting the profits they are making in Australia to other countries including Singapore and Switzerland.
Assistant Treasury Minister Andrew Leigh says ensuring multinational and large businesses pay their fair share of tax is pivotal to funding services to ordinary voters.
Australians heading to the UK will be able to enjoy tax-free shopping once more following the UK’s massive tax cuts for the rich,which sent the value of the pound to historic lows.
Companies are calling for a radical overhaul of the state’s housing and payroll tax regimes as part of a push for “root and branch” tax reform to reinvigorate the state economy.
There’s never been a better time – or a more urgent imperative – to take a cold,hard look at the super profits currently enjoyed by fossil fuel companies.
Sally McManus,the peak union body’s secretary,says raising living standards “will require more than fiddling around the edges”.
Australia’s biggest iron ore miner,Rio Tinto,has agreed to one of the largest tax settlements in the country’s history.
After decades of effort,the OECD finally managed to persuade nearly 140 countries to agree to a global minimum tax deal late last year. Now,however,it appears that the transformative deal is under threat.
Evaluating data is the new frontier of economic reform. But politicians may have to be open to hearing,and acting on,uncomfortable truths.
A special “spending audit branch” has been created to target possible cuts,but new figures show the budget is improving thanks to large company tax collections.