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10 Dec 14 ATO "embedded" in the offices of 10 multinationals

In a doorstop interview held in Canberra on 9 December 2014, the Treasurer, Joe Hockey, announced that the ATO is embedded in the offices of 10 multinationals operating in Australia. He did not name them.

Mr Hockey said:

"I can confirm reports that the Australian Taxation Office is embedded in the offices of 10 multinationals operating in Australia. The ATO has additional resources to identify whether those companies are not paying their fair share of tax in Australia. This is part of a coordinated effort from the Australian Government. We worked through the G20 to lay down a platform for global action – we are doing that domestically. We have also worked with the OECD in a base erosion and profit-shifting program, which I announced with the head of the OECD in Cairns. We are also an early adopter of the common reporting standard, which ensures that those people who open up bank accounts right around the world are going to have to disclose that information to the Australian Taxation Office.

I want to emphasise to the Australian people that we are going to work as hard as we can to make sure that companies that earn profits in Australia pay tax in Australia but it needs to be a coordinated global effort and that is certainly what we are undertaking at the moment. We are closely monitoring new developments in the United Kingdom. We see it as essential that all corporations – all corporations, contribute to the country in which they operate."

For a transcript of the doorstop, go here

 


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