CANBERRA: The Australian Greens party has released an 18-point policy plan aimed to stamp out tax avoidance by multinationals operating in Australia, claiming it will raise at least AU$1.69 billion in additional revenue. The policy [PDF] has been created to tackle four key problem areas: Enforcement, tax law, public disclosure, and global diplomacy.
Under enforcement, the Greens has suggested to reverse the Australia Taxation Office’s staffing cuts in order to ensure there is a sufficient staff level to assure multinationals are paying what they owe, as well as establish a high-level tax recovery unit made up of the top 20 tax accountants and legal specialists working in the private sector.
In addition, the Greens wants to see the Australian Securities and Investment Commission’s (ASIC) power increased to allow the organisation the ability to share information with the ATO, without having to notify the affected person; and for people who propose to become directors of companies be required to provide evidence of their identity to ASIC.
The Greens also wants to offer whistle-blowers greater protection and support, saying it would more likely encourage those who want to expose misconduct to come forward. The move would be an extension of previous laws that were passed by Labor that provides legal protection for public servants and contractors that expose wrongdoing in the public service sector.
