Never a good sign when they name a tax after you

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The Australian government says it will crack down on multinational corporations that try to shift their profits offshore to avoid tax.

It is being dubbed the ‘Google tax’, and is a key measure unveiled in last night’s Australian budget.

Treasurer Scott Morrison says companies caught shifting profits offshore will be taxed at a rate of 40 percent. That is higher than the standard rate of 30 percent.

The proposed Diverted Profits Tax (DPT) will apply to companies with global revenue of more than AU$1 billion and Australian revenue of more than AU$25 million.

The Australian Tax Office will get an extra 1,000 staff to target large companies and wealthy individuals who are trying to avoid tax.

It is hoped these measures will raise AU$3.9 billion in revenue over four years.

The Treasurer said in a statement those “seeking to do the wrong thing will be left with no doubt that deliberate tax avoidance and evasion will not be tolerated. Tax cheats will be tracked down and will face the full force of the law.”

I suspect that one day government may rue going after Google and its ilk.  But from the voters’ point of view, it’s an easy target to beat up on.  Faceless evil corporations make for great short-term whipping boys.

 

– Newshub


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As much at home writing editorials as being the subject of them, Cam has won awards, including the Canon Media Award for his work on the Len Brown/Bevan Chuang story.  And when he’s not creating the news, he tends to be in it, with protagonists using the courts, media and social media to deliver financial as well as death threats.

They say that news is something that someone, somewhere, wants kept quiet.   Cam Slater doesn’t do quiet, and as a result he is a polarising, controversial but highly effective journalist that takes no prisoners.

He is fearless in his pursuit of a story.

Love him or loathe him.  But you can’t ignore him.

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