This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at https://www.theguardian.com/australia-news/2017/nov/09/australia-should-blacklist-tax-havens-oxfam-says
The article has changed 5 times. There is an RSS feed of changes available.
| Version 2 | Version 3 |
|---|---|
| Australia should blacklist tax havens, Oxfam says | Australia should blacklist tax havens, Oxfam says |
| (2 months later) | |
| Charity says the tax avoidance techniques revealed in the Paradise Papers could be prevented if government takes action | |
| Ben Doherty | |
| Wed 8 Nov 2017 21.14 GMT | |
| Last modified on Thu 9 Nov 2017 00.53 GMT | |
| Share on Facebook | |
| Share on Twitter | |
| Share via Email | |
| View more sharing options | |
| Share on LinkedIn | |
| Share on Pinterest | |
| Share on Google+ | |
| Share on WhatsApp | |
| Share on Messenger | |
| Close | |
| Australia should create a global blacklist of of tax havens, and impose sanctions on those who exploit them, Oxfam has said in the wake of the global publication of the Paradise Papers. | Australia should create a global blacklist of of tax havens, and impose sanctions on those who exploit them, Oxfam has said in the wake of the global publication of the Paradise Papers. |
| “Scandals involving the super-rich robbing the world’s poorest of much-needed tax revenues, like those revealed in the Paradise Papers leak, can be avoided if the Australian Government and others take … immediate steps towards tax reform,” Oxfam Australia said in a statement. | “Scandals involving the super-rich robbing the world’s poorest of much-needed tax revenues, like those revealed in the Paradise Papers leak, can be avoided if the Australian Government and others take … immediate steps towards tax reform,” Oxfam Australia said in a statement. |
| Obtained by the German newspaper Süddeutsche Zeitung, and shared with the International Consortium of Investigative Journalists, the Guardian and more than 90 media partners across the globe, the Paradise Papers reveal the offshore financial affairs of some of the world’s biggest multinational companies and richest individuals, and set out the myriad ways in which tax can be avoided using artificial structures. | Obtained by the German newspaper Süddeutsche Zeitung, and shared with the International Consortium of Investigative Journalists, the Guardian and more than 90 media partners across the globe, the Paradise Papers reveal the offshore financial affairs of some of the world’s biggest multinational companies and richest individuals, and set out the myriad ways in which tax can be avoided using artificial structures. |
| Oxfam Australia chief executive Dr Helen Szoke said tax avoidance by multinationals in Australia was costing Australia and developing countries billions of dollars, fuelling a global inequity crisis. | Oxfam Australia chief executive Dr Helen Szoke said tax avoidance by multinationals in Australia was costing Australia and developing countries billions of dollars, fuelling a global inequity crisis. |
| “Australian-based multinationals are part of the problem, contributing to keeping the world’s poorest out of pocket as governments balance the budget by raising taxes on people and cutting vital public services,” she said. | “Australian-based multinationals are part of the problem, contributing to keeping the world’s poorest out of pocket as governments balance the budget by raising taxes on people and cutting vital public services,” she said. |
| Oxfam Australia said international tax reforms had failed. Assistant professor of economics at University of California, Berkeley, Gabriel Zucman, estimates multinationals artificially shift 45% of profits to low- and no-tax havens. | Oxfam Australia said international tax reforms had failed. Assistant professor of economics at University of California, Berkeley, Gabriel Zucman, estimates multinationals artificially shift 45% of profits to low- and no-tax havens. |
| The Australian Tax Office released data last month that estimated multinationals avoided $2.5bn in taxes in 2014-15. | The Australian Tax Office released data last month that estimated multinationals avoided $2.5bn in taxes in 2014-15. |
| Governments across the world should act to stop the world’s richest hiding their wealth and avoiding tax, Oxfam said, including by: | Governments across the world should act to stop the world’s richest hiding their wealth and avoiding tax, Oxfam said, including by: |
| establishing a global blacklist of tax havens based on comprehensive, objective criteria and implementing counter-measures, including sanctions, to limit their use | establishing a global blacklist of tax havens based on comprehensive, objective criteria and implementing counter-measures, including sanctions, to limit their use |
| ensuring all multinational companies make financial reports publicly available for every country where they operate; and make extractives companies also report on a project by project basis | ensuring all multinational companies make financial reports publicly available for every country where they operate; and make extractives companies also report on a project by project basis |
| establishing a centralised public register of individuals who own or benefit from shell companies, trusts and foundations | establishing a centralised public register of individuals who own or benefit from shell companies, trusts and foundations |
| ensuring tax treaties do not exploit developing countries’ tax bases | ensuring tax treaties do not exploit developing countries’ tax bases |
| creating a global tax body where all countries can work together on fundamental tax reforms. | creating a global tax body where all countries can work together on fundamental tax reforms. |
| The Australian Tax Office released data last month that estimated multinationals avoided $2.5bn in taxes in 2014-15. | The Australian Tax Office released data last month that estimated multinationals avoided $2.5bn in taxes in 2014-15. |
| The ATO’s figures show that large corporate groups reported $1.5tn in gross income in that year, and paid about $41bn in tax. The ATO estimates the tax gap – between what is paid and what should be paid if all companies were fully compliant – was $2.5bn in 2014-15 ,or 5.8% of tax payable. | The ATO’s figures show that large corporate groups reported $1.5tn in gross income in that year, and paid about $41bn in tax. The ATO estimates the tax gap – between what is paid and what should be paid if all companies were fully compliant – was $2.5bn in 2014-15 ,or 5.8% of tax payable. |
| The ATO has been working for several months with partner agencies across the world in anticipation of the release of the Paradise Papers by the ICIJ. | The ATO has been working for several months with partner agencies across the world in anticipation of the release of the Paradise Papers by the ICIJ. |
| “We’re hoping quite soon to get access to that data ourselves and begin analysing the Australian implications of that data set,” Mark Konza, the tax office’s deputy commissioner, said. | “We’re hoping quite soon to get access to that data ourselves and begin analysing the Australian implications of that data set,” Mark Konza, the tax office’s deputy commissioner, said. |
| Labor’s treasury spokesman Andrew Leigh said the ALP agreed with Oxfam that immediate government action was needed to shut down tax loopholes. | Labor’s treasury spokesman Andrew Leigh said the ALP agreed with Oxfam that immediate government action was needed to shut down tax loopholes. |
| Labor released a suite of tax policies earlier this year which would require companies to disclose tax haven risks to investors, establish a public register of beneficial ownership, and require publication of totals of funds transferred from Australia overseas. | Labor released a suite of tax policies earlier this year which would require companies to disclose tax haven risks to investors, establish a public register of beneficial ownership, and require publication of totals of funds transferred from Australia overseas. |
| “Labor’s policies would provide more transparency,” Leigh said. “If you’re a listed firm, you’d need to tell shareholders about tax haven dealings. If you want a government tender, you’d need to tell us your country of tax domicile. We’d have a public register showing who really owns Australia’s firms and trusts, and public reporting of country-by-country taxpaying for billion-dollar firms.” | “Labor’s policies would provide more transparency,” Leigh said. “If you’re a listed firm, you’d need to tell shareholders about tax haven dealings. If you want a government tender, you’d need to tell us your country of tax domicile. We’d have a public register showing who really owns Australia’s firms and trusts, and public reporting of country-by-country taxpaying for billion-dollar firms.” |
| The treasurer, Scott Morrison, said the tax office had pointed to $4bn in additional tax settlements, around $1bn of which have been possible “because of our tougher multinational anti-avoidance laws”. | The treasurer, Scott Morrison, said the tax office had pointed to $4bn in additional tax settlements, around $1bn of which have been possible “because of our tougher multinational anti-avoidance laws”. |
| “Pay your tax. That has always been my message to big multinationals. Pay your tax based on what you earn here in Australia. The good news is that it is happening more and more often.” | “Pay your tax. That has always been my message to big multinationals. Pay your tax based on what you earn here in Australia. The good news is that it is happening more and more often.” |
| Paradise Papers | |
| Australian politics | |
| Oxfam | |
| Tax | |
| Tax havens | |
| Australian economy | |
| news | |
| Share on Facebook | |
| Share on Twitter | |
| Share via Email | |
| Share on LinkedIn | |
| Share on Pinterest | |
| Share on Google+ | |
| Share on WhatsApp | |
| Share on Messenger | |
| Reuse this content |