Home Australia Hockey Backflips on Taxing Multinationals. Collectivism in Progress.

Hockey Backflips on Taxing Multinationals. Collectivism in Progress.

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Canberra is like watching a Punch and Judy show. A promise from Australian Treasurer Joe Hockey that he would impose tough new tax avoidance rules on multinational companies (that shift billions of dollars in profits between Australia and their international subsidiaries) has now been broken. Multinationals will retain their “unfair competitive advantage” (Hockey 2013). Last Monday’s Mid-Year Economic and Fiscal Outlook, a single line on page 117 revealed: “The government will not proceed with a targeted anti-avoidance provision to address certain conduit arrangements involving foreign multinational enterprises, first announced in the 2013-14 MYEFO.” Article.

Who is Canberra working for?

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