04 Apr 1313 Discussion paper released - "Improving the transparency of Australia’s business tax system"
In media release No 2013/040, issued 3 April 2013, the Assistant Treasurer and Minister Assisting for Deregulation, David Bradbury, announced the release of a discussion paper entitled "Improving the transparency of Australia’s business tax system".
The Assistant Treasurer said that large corporate entities would be required to disclose tax payable as part of proposals floated in the paper.
The discussion paper follows the Government's earlier announcement on 4 February 2013 that it intends to change the tax laws to improve the transparency of Australia's business tax system.
The discussion paper sets out the details of three specific proposals:
- Transparency of tax payable by large and multinational businesses. The objective of this proposal is to enable the public to better understand the corporate tax system and engage in tax policy debates, as well as to discourage aggressive tax minimisation practices by large corporate entities.
- Publishing aggregate collections for each Commonwealth tax. The objective of this proposal is to enable better public disclosure of aggregate tax revenue collections, even when the identity of particular entities could potentially be deduced.
- Enhanced information sharing between Government agencies. The objective of this proposal is to build on existing information sharing arrangements and enable greater information sharing between the ATO and the Department of the Treasury with respect to foreign acquisition and investment decisions affecting Australia.
The closing date for submissions is Wednesday 24 April 2013.