Landmark legislation introduced on Thursday could see digital platforms giants like Google and some of the government’s biggest tech suppliers forced to “top up” their local tax bill if caught exploiting tax havens.
The bills are the latest in the Albanese government’s crackdown on multinational tax avoidance, having already moved to stamp out artificial interest-bearing debt that minimises tax bills and shine a light on global firms’ web of subsidiaries.
If passed, the latest legislation will set a 15 per cent global minimum tax and domestic minimum tax for all multinational enterprise groups with an annual global revenue of at least €750 million (approximately A$1.2 billion).
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