A senior Tax Office official has urged executives to follow the example of listed companies such as BHP in publicly revealing details of tax dispute settlements.
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Business has urged the Morrison government to cut Australiaâs 30 per cent company tax rate after the worldâs biggest developed economies agreed to a global minimum corporate rate of 15 per cent, as part of a crackdown on the tech giants.
A deal struck at the Group of Seven finance ministers at the weekend will force large multinationals to pay tax in countries they sell their goods and services in, most notably tech giants such as Google and Facebook.
US Treasury Secretary Janet Yellen and OECD Secretary-General Mathias Cormann at this weekendâs G7 summit that backed a new global minimum company tax rate.Â
Janet Yellen and Joe Biden have delivered new momentum to global efforts to better tax multinational businesses, but mining and energy companies will be exempt from any crackdown.