By Declan Cooley From Gladestone The Observer

NO ONE likes paying tax but most would agree that big and powerful companies should pay their fair share.

In an attempt to clamp down on multinational tax dodgers the Australian Tax Office has been given extra powers to tackle tax avoidance and profit shifting from the big companies that chance their arms.

Multinational tax dodgers could also face penalties of $500,000 if they fail to meet their “tax reporting obligations”.

The Federal Government announced that it expected to claw back about $2billion this financial year under the new crackdown.

In an example of how big the issue was, the government expect to recoup the $2 billion in tax liabilities from “seven audits of large multinational companies in the energy, resources and e-commerce sectors”.

Flynn MP Ken O’Dowd said the tough stance on tax avoidance would allow the Federal Government to continue to “afford the services and infrastructure Gladstone residents rely on now and into the future”.

“It is these tough measures that we continue to build on … which will close loopholes and prevent multinationals shifting the profits that they earn in Australia offshore to avoid paying tax,” Mr O’Dowd said.

“I know this will be welcome news to everyone across Flynn, as I travel around and talk to people, there is broad agreement that multinationals should pay their fair share of tax.”

IMAGE :Flynn MPe Ken O’Dowd The Observer

For more on this story go to: https://m.gladstoneobserver.com.au/news/clamp-down-on-tax-dodging-companies/3143893/