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A new global report suggests Australians hold more than $370 billion in known foreign tax havens and that multinationals shifting profit to lower-taxing countries cost the nation's Treasury $11 billion in lost tax earnings in 2020.
From the look of the recommendation in the report it seems like a good idea to support an intergovernmental taxation panel to force those who are benefiting the most from society to pay their fair share back to it.
Thoughts?
A new global report suggests Australians hold more than $370 billion in known foreign tax havens and that multinationals shifting profit to lower-taxing countries cost the nation's Treasury $11 billion in lost tax earnings in 2020.
Key points:
- A report suggests multinational profit-shifting deprived Australia of $11 billion in tax in 2020
- More than $370 billion is held by Australians in 'tax haven' countries
- Tax evasion is falling, but global billionaires have an effective tax rate of 0-0.5 per cent of their wealth'
From the look of the recommendation in the report it seems like a good idea to support an intergovernmental taxation panel to force those who are benefiting the most from society to pay their fair share back to it.
Thoughts?