A tax expert has warned the introduction of stricter laws by Australia to prevent big multinational companies from evading tax might pose a potential risk of being incoherent with the measures being taken by other developed countries.
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JOE Hockey seems to be enjoying getting on with the job in his position as treasurer, however long he may still have it.
He added that the crackdown is continuing despite political turmoil this week that saw Malcolm Turnbull replace Tony Abbott as prime minister.
Treasurer Joe Hockey says he has always been loyal to party leaders and that will not change, amid speculation surrounding his ongoing role as treasurer.
“I will do whatever I can to serve the government by serving the Australian people, by doing the best job I can do in whatever task I’m given, wherever that may be”, he said on Thursday.
But Assistant Treasurer Josh Frydenberg said it was right for Mr Turnbull to be taking his time in forming a new frontbench.
“No, no I am not going to speculate on it, calm down”.
Global firms accused of diverting profits offshore to lower their tax bill will come under fresh scrutiny in Australia after new laws were introduced yesterday to ensure they pay their “fair share of tax”.
Even though the tax laws in Australia are amongst the toughest in the world, several multinational companies continue to successfully avoid taxes. This is holding back closer economic and financial links between our countries”, the announcement continued, “A tax treaty with Israel would reduce the incidence of double taxation, provide greater tax certainty for businesses and enhance the integrity of both countries’ tax systems.
Mr Turnbull’s office has said the reshuffle is likely to be announced over the weekend or early next week, and a ministerial meeting was held last night. Opposition MP Ed Husic likened Mr Hockey to actor Bruce Willis in the movie Sixth Sense.
Mr Hockey said an investigation into foreign investment had found the homes, worth a total of $1billion, were bought outside the investment rules.
“It is absolutely appropriate… and I’m sure they will be very good decisions”, Josh Frydenberg told Sky News.
Deloitte Access Economics director Chris Richardson said Mr Turnbull and Mr Morrison will need to “talk straight” about the economy – because China’s economy is slowing, and Australian living standards are deteriorating – but there was also a need to talk more positively.
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Professor John Quiggin, from the University of Queensland, said his best advice would be to “drop some of the red lines” that Mr Abbott had drawn over things, like raising revenue by cutting super concessions.
