Corporate tax evasion

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    Is Joe Hockey telling the Australian public what he is doing about multinational corporate tax evasion
    referred to in the UK as the "Google Tax".? Is he planning a tactic similar to the UK to clamp down on
    "contrived arrangements" and if avoidance is established, what revenue will the fines and back taxes yield?

    "But the most significant development is the UK’s solo run with its so-called Google tax, details of which were released on Wednesday by the UK treasury. The new tax is aimed at undoing the advantages of “contrived arrangements”, but if there’s one thing that’s clear after years of controversy over aggressive multinational tax planning, it is that the global structures established by major corporates are awash with what the public, correctly, consider to be contrived arrangements. It is clear, too, that the UK will assess these arrangements in relation to their effect on the national treasury. The risks in such a drift are obvious.
    Australia is thought to be planning an initiative similar to London’s. But such moves contradict what governments have said until recently, that the problem can only be addressed by way of internationally agreed rules. Hence the OECD’s base erosion and profit shifting (Beps) project."
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