Australia Assembles Tax Task Force

December 10, 2012 Taxation in Australia

Tax AvoidanceCANBERRA – Australia is buckling down in its fight against excessive tax avoidance, and is looking to refine its tax laws with the help of a group of prominent tax experts.

On December 10th the Assistant Treasurer of Australia David Bradbury announced the formation of a new task force appointed by the national government to address the problem of large multinational firms excessively minimizing their tax payment in Australia.

The group will set its sights on global companies which operate in Australia but are not “pulling their weight” when it comes to paying an appropriate amount of taxes.

The task force will examine the strategies used by large multinationals to reduce their tax obligations, and will be charged with advising the government on potential means of addressing aggressive tax avoidance, and will assist the government with drafting potential changes to national tax laws.

The government has appointed 14 tax specialist from across the country to take part in the task force, with representatives from the government, tax authorities, the commercial sector and leading consultancy firms.

The first report from the task force is expected to be released in mid-2013, however, in that time the group will also work with the Australian Treasury on its investigations of national and internal tax laws.

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