Royal Commissions for some.

Nov 21, 2015

The Abbott government established a Royal Commission to harass trade unions and in the process to damage the ALP. But what we are hearing in this Royal Commission is really small beer by some union hacks. It is small scale compared with the massive tax avoidance by multinational companies in Australia that is being revealed.

Yet the government has refused to establish a Royal Commission to examine the activities of these multinationals who are depriving Australia of billions of dollars of tax revenue. A Royal Commission would be very useful to flush out this very serious national problem.

The government has also refused to establish a Royal Commission into large-scale financial advising scandals by the Commonwealth Bank and other financial institutions.

In the SMH on November 18, Michael West has drawn attention to the government’s attempts to prevent exposure of activities by high income earners. Michael West said

‘last week, when two amendments proposed by the Senate to the government’s multinational tax reform bill were unceremoniously dumped by the government the next day. … So determined was the government to help billionaires and multinationals conceal their tax affairs that it killed its own bill. The first amendment, forcing multinationals to file proper (General Purpose) financial statements was to have thrown some light on their inter-company loans and other dealings with offshore associates designed to rip millions out before tax could be paid. The second was the preposterous “kidnapping” amendment which would have ensured greater transparency by billionaires. Both thrown out;  the whole bill nixed, presumably after some 11th hour desperate lobbying by powerful vested interests.’

John Menadue.

For Michael West’s full article see link below:

http://www.smh.com.au/business/comment-and-analysis/the-multinationals-rhetoric-isnt-reassuring-on-tricky-tax-affairs-20151118-gl25c3.html

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