Australia Expected Returns Over $2B Under Tax Avoidance Legislation

The Australian Tax Office intends to pursue multinational companies over seven global business amounting to more than A$2 billion unpaid taxes following the tax avoidance legislation. Although, the company names were not made public. The Multinational Anti-Avoidance Law was implemented in December 2015 to reduce tax evaders particularly for companies that have an annual income exceeding A$1 billion.

Australian Treasurer Scott Morrison commented that they wanted to make sure that large global companies earnings which Australian citizens contributed, pay their fair share of taxes from the Australian government to fund needed infrastructures and other services in the country.