A taskforce has clawed back more than $2.7 billion in unpaid taxes from multinational companies operating in Australia in just under a year since laws were passed to crack down on large-scale tax avoidance - a move welcomed by the Conservative Party.
The Australian reports, a total of 318 multinational companies are now under active audit or review by the Australian Taxation Office over potential tax avoidance, including banks, energy companies, insurance firms and manufacturers.
The crackdown, confirmed in the latest ATO data, reveals that a further 44 companies have moved their locally based sales revenues back onshore in response to the government’s Multinational Anti-Avoidance Laws passed last year.
The ATO estimates the move will eventually return $7 billion a year in annual sales income to the tax system.
One Nation claims the government’s 'failure' to crack down on multinational tax avoidance was the primary reason for her change of heart on the government’s company tax cuts, which it has now vowed to block in the Senate when voted on this week.
Confusion reigns in Canberra this week, though, on what One Nation's position on tax reform actually is.
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