Joe Hockey brands tax minimising tech firms ‘thieves’ amid controversy over multinational tax avoidance
Treasurer Joe Hockey has labelled media behemoths like Google and Ikea “thieves” as he criticised multinational companies for using accounting tricks to book profits overseas to reduce local tax obligations.
Hockey – speaking as the G20 summit gets underway in Brisbane – appeared to accept the contention from Today host Karl Stefanovic that the company – now close to being Australia’s biggest media player – is a tax cheat, along with others.
Stefanovic asked: “International tax cheats, I know you’re hoping to crack down on those, like Ikea, Google, trying to get some of that tax back for us has got to be a priority hasn’t it?”
Hockey replied: “Absolutely. Companies that engage in tax evasion are thieves. They’re stealing from us and our community. So the only way to address this is by global action.
“We’re very, very committed. We want a simpler and more transparent taxation system. I would love for all companies and all multinationals and nationals to have a broader definition or broader view for contribution.”
well that’s lovely, but why don’t you just pay your fair share of tax instead of pontificating blandishments about the system?
Maile Carnegie is just a sock puppet anyway, she gets wheeled out to recite press releases in times of criticism or strife and other than that we don’t hear a word from her.
““I look at over 450 engineers [in australia] . . . they don’t need to be here…” -from the AFR link
I find it funny that Nine talent continues to push the Nine agenda against a competitor in the media industry that it is eating its breakfast. If Nine was a multinational you can bet that it would be relying on tax minimisation strategies like this too. News Corp does but nobody hammers them?
Also, it’s not tax evasion Mr Hockey. Tax evasion is the act of illegally not paying or evading tax. Google and other multinationals are minimising tax within the bounds of the global tax system. In the event that they are forced to pay tax like a local do you think they’ll employ as many people here? No. They’ll just operate from Singapore with no staff here and advertisers will continue to put their credit cards into the machine and by search terms and you’ll get nothing!
Joe Hockey knows he has no power but like Tony “Shirt front” Abbott uses this mucho make BS to pretend they want things to change Aus as a problem tax system needs reform but OS tax havens not major problem. They need to focus at home with real tax reform but that would take reason, and an ability to take the public on a journey Best we stick to huff and puff to countries and companies that think Australia is a small nation in Europe Media reform aligns to this It needs to be done but let’s just bet up on 16 year old school kids for illegal downloads Sigh
Can anyone explain what sort of human votes for the LNP / Nationals?
I am being serious and I am not trolling and no I am not a ‘loony leftie’.
My belief is that LNP voters are:
Ignorant or Greedy or Dodgy or Scared or Deceitful or Power Hungry or Selfish (the list goes on).
If they are not the above and more, can anyone explain why you would vote LNP?
Abbott is GWBush in Oz. Murdoch’s News Ltd (just google it and check out how many tax havens that company has…)
Well that makes Joe the latest in a long line of Treasurers guilt of aiding and abetting thieves.
Joe, you have the reins. Do something about it in your own constituency.
I’ll give a tip. For free.
Look at the ‘effective tax rates’ paid by mega-businesses (banks. miners, financiers, property developers, infrastructure companies) compared to the effective rate for small businesses. Take a quick look through the public record of the ASX200. Divide the tax paid into the profit before tax. If it’s consistently below the 30% corporate tax rate then you can be pretty sure there are tax loopholes being exploited that you can act upon and close.
Then get one of the few people that are left at the ATO to get a sample of small businesses (under 10 people) and do the same exercise.
You will soon see who the lifters and the leaners are.
If you think that we have an expenditure problem in Australia, then the above will show you that we have a revenue crisis – one that when addressed will return this country to surplus.
Joe. You’re in the chair. Stop whingeing. Start acting.
Google vs Australian “Government” – who do you reckon is going to win?
@8812 – if not evasion then “rather devious, calculated and … unethical” might be apt?
(Quote from MPs on the UK’s Public Accounts Committee)
http://www.telegraph.co.uk/fin.....r-tax.html