PM to push for G20 tax evasion crackdown
Malcolm Turnbull will push for a crackdown on multinational tax avoidance when he meets with world leaders at the G20 summit in China.
But Labor have accused Mr Turnbull of not having a strong plan for confronting corporate tax avoidance at home, let alone abroad.
The prime minister will arrive in Hangzhou, China on Sunday for the two-day gathering, where he will discuss trade and finance.
Top of his agenda is pushing for more action on cracking down on the multinational tax avoidance.
‘There is much more to be done globally as we aim to put an end to illicit finance flows and secure budget revenue streams,’ he wrote in The Weekend Australian on Saturday.
Mr Turnbull says the talks come at a time of sluggish global growth and rising risk and volatility.
‘I will be promoting structural reforms to drive two crucial engines of economic growth: trade and innovation,’ he says.
‘I’ll be working with my G20 counterparts to develop a credible path forward for the global trading system, given we haven’t seen a comprehensive multilateral agreement since 1995.’
But Labor frontbencher Katy Gallagher predicts matters closer to home will be very much on his mind, given backbench unrest on issues such as superannuation.
‘It’s very hard for Malcolm Turnbull to actually push any agenda when he can’t actually run an agenda back here,’ she told reporters in Canberra.
‘Obviously he has no economic plan so I’m not sure on what basis he can engage with world leaders on an international economic narrative.’
Her colleague Andrew Leigh also accused Mr Turnbull of not having a strong plan for confronting the global epidemic of tax avoidance at home.
‘In the aftermath of the decision taken by the European Union against Apple’s international tax liabilities, as well as the revelations within the Panama Papers, now is the time for an effective Australian multinational tax strategy,’ the shadow assistant treasurer said.
The opposition pledged before the election to restore the $100 million threshold for reporting the tax paid by large private firms.
