GetUp has applauded the Turnbull Government for finally doing something serious to curb corporate tax cheating, by introducing a Diverted Profits Tax that was passed by the Senate last night.
Natalie O’Brien, GetUp’s Economic Fairness Campaign Director, said the tax would generate $100 million a year in direct revenue, but many hundreds of millions of dollars more as corporations actually pay their tax to avoid the Diverted Profits Tax.
“We welcome this move by government who are finally listening to the Australian people, who are sick and tired of multinationals robbing our schools and hospitals to line their own pockets.
“This much-needed policy will help stop corporations sending profits overseas to cheat our tax system. This is a serious step to ending the massive rort.
“It’s a pity that at the same time as cracking down, the government is rewarding tax cheating multinationals who are already ripping Australians off by cutting the corporate tax rate.
“A Diverted Profits Tax was one of the two key recommendations in GetUp’s ‘Closing the Caribbean Connection’, released in April 2016.
“This is not the end of corporate tax cheating – far from it. Other recommendations in our report are also critical.
“We must deal with tax cheating by dirty energy companies that they perpetrate through shonky debt loading arrangements. Until the Turnbull Government takes action to shut down these loopholes as well, GetUp members will be keeping up the pressure.
GetUp’s members are deeply concerned about corporate tax cheating, and they took action to force the government’s hand on this matter,” Said O’Brien.
- 78,712 GetUp members signed a petition calling for action on corporate tax cheating
- 1,713 GetUp members chipped in to fund research into corporate tax cheating that led to the report that recommended the Diverted Profits Tax
- 4,261 GetUp members emailed the report to their local MP calling for action in the budget
- 1,285 chipped in for a national TV and online ad campaign calling for action in the budget against corporate tax cheating
For more information call Kirsti Gorringe on 0431 047 358