Australia Praises G8 Tax Initiatives
20 June 2013
Posted by: Author: Mary Swire
Author: Mary Swire
The Australian Government has welcomed the G8's Loche Erne Declaration on tax evasion and avoidance, and says it is considering joining with a number of European countries in an automatic information exchange initiative.
Top of the G8's ten point declaration is the recommendation that "tax authorities across the world should automatically share information to fight the scourge of tax evasion."
According to Australian Federal Treasurer Wayne Swan and his Assistant David Bradbury, governments "have a responsibility to make sure that their tax systems are both fair and transparent." They are convinced that "automatic information exchange will enable greater coordination between tax authorities to achieve this."
Nor will their Government "shy away from this challenge." A joint release issued by Swan and Bradbury makes clear that they will continue to reform Australia's tax laws, to ensure that multinational corporations and high net wealth individuals pay their "fair share" of tax.
Legislation recently introduced to the House of Representatives will, if passed, require the Commissioner of Taxation to publish the tax payable of all corporate taxpayers with annual accounting incomes of AUD100m (USD94.76m) or more, and of entities subject to the minerals or petroleum resource rent taxes.
Australia will also assume the presidency of the G20 group of nations next year, when Swan and Bradbury intend to ensure that the international community works together on an anti-avoidance and evasion crackdown. In the meantime, the Government will seek reforms to the tax treaty with Switzerland, with the aim of overcoming problems with information sharing.