Treasury Laws Amendment (Making Multinationals Pay Their Fair Share—Integrity and Transparency)

“I rise here today to speak in favour of the Treasury Laws Amendment (Making Multinationals Pay Their Fair Share—Integrity and Transparency) Bill 2023. Beyond the introduction of this bill to the House, I am also glad to see that it was the Assistant Minister for Competition, Charities and Treasury that was responsible for doing so.”

Australian Labor Party • MP • 02 Aug 2023

“I commend the bill to the House.”

Australian Labor Party • MP • 02 Aug 2023

“This bill will bring into effect our commitments in the 2022 election campaign and also the commitments and undertakings we made in the October 2022 budget as part of our multinational tax integrity package to address tax loopholes exploited by those companies.”

Australian Labor Party • MP • 02 Aug 2023

“I commend this bill. I commend the work of the government's economic ministers. We look forward to continuing on the long journey to improve the integrity and transparency of multinational taxation in Australia, strengthen Australia's corporate tax system and make it fairer and more efficient for all Australians.”

Australian Labor Party • MP • 02 Aug 2023

“I believe this bill is a step forward on all of these three key measures. It definitely aligns the taxation revenue more closely with where the economic activity and economic value-add occurs. It will definitely close off loopholes where there are contrived arrangements, where thin capitalisation is used as a means by which profit is shifted from one jurisdiction to a lower tax jurisdiction, where it doesn't actually relate to the underlying economic meaning or grounding of the transaction itself. Finally, it's a significant step forward when it comes to transparency.”

Australian Labor Party • MP • 08 Aug 2023

“I rise today in support of the Treasury Laws Amendment (Making Multinationals Pay Their Fair Share—Integrity and Transparency) Bill 2023. This bill gives effect to the Albanese Labor government's election commitment to crack down on multinational tax avoidance and improve transparency of corporate subsidiaries, and as such has been foreshadowed since it was announced in April 2022.”

Australian Labor Party • MP • 09 Aug 2023

“In conclusion, this bill is a necessary step towards building a fairer, more transparent and sustainable tax system. By supporting this bill, we are sending a powerful message that Australia is committed to ensuring that multinational enterprises pay their fair share and contribute to the prosperity of our nation and the wellbeing of our communities.”

Australian Labor Party • MP • 02 Aug 2023

“I welcome the opportunity to speak on this bill, which will deliver on our government's commitment to ensuring that multinationals pay their fair share of tax. This is good policy. It's an important reform and, more than that, it reflects something that I know is important to a lot of Australians, including many people in my community who have brought up this issue with me and who want to see multinationals paying their fair share of tax.”

Australian Labor Party • MP • 08 Aug 2023

“Today is a significant step in ensuring that multinationals pay their fair share, just as the bill is named. They undermine confidence in the entire tax system. If we can ensure that multinationals operating in Australia pay their fair share of tax, we're not only going to lift revenues but we're going to increase confidence. I don't think it's a stretch to say that it will increase the accountability that people expect from all corporations. These are really significant changes we are bringing in for the broad consequences they will have, as well as for the specifics and for the businesses that they will directly affect.”

Australian Labor Party • MP • 08 Aug 2023

“We still have a lot more to do to level the playing field and support those Australian businesses, but this is a huge step in the right direction. I commend the work of the minister and the assistant minister, and I commend this bill to the House.”

Australian Labor Party • MP • 08 Aug 2023

“These legislative proposals before the House are both a fulfilment of the Labor government's election commitment and a fundamental step towards fostering a fairer and more equitable tax system. Schedule 1 enhances multinational tax transparency while schedule 2 strengthens Australia's thin capitalisation rules. By working within the framework of the OECD/G20 Inclusive Framework we are aligning our efforts with more than 135 countries and jurisdictions to address tax avoidance and promote a transparent tax environment.”

Australian Labor Party • MP • 01 Aug 2023

“I urge everyone to vote for this particular bill because it brings a level playing field. It is the right thing to do.”

Australian Labor Party • MP • 08 Aug 2023

“For all of those reasons it is important that we try to level out the playing field and have a fair tax system. In doing so, it will assist governments of all persuasions in raising their revenue so they can provide the services that everyone expects of governments.”

Australian Labor Party • MP • 02 Aug 2023

“More simply, this bill is about making our taxation system fairer and more equitable. It's about providing a level playing field for businesses and ensuring Australian companies are not disadvantaged along the way. It's about ensuring that multinationals shoulder their fair share of the tax burden and do not leave it to Australian workers to carry the can for them.”

Australian Labor Party • MP • 08 Aug 2023

“By introducing this bill, the Albanese government are keeping our promise to make multinationals pay their fair share. We called on the Abbott, Turnbull and Morrison governments to make these changes to multinational tax laws. Instead, they chose to chase welfare recipients to pay back incorrectly calculated and illegal debts. We're all paying the price for that, including some who've lost their lives. The Labor Party have a history of calling out injustice when we see it and legislating to stop it when we get elected. Making multinationals pay their fair share is a prime example of why Labor governments really do make a difference. This bill means more money for our hospitals, our schools, our crucial infrastructure projects and our environment, and I commend the bill to the House.”

Australian Labor Party • MP • 02 Aug 2023

“It's up to our Labor government. That's what we're doing with this bill: taking real action to make those multinational companies truly pay their fair share. I commend the bill to the House and thank the minister for all of his hard work on this policy area.”

Australian Labor Party • MP • 02 Aug 2023

“I am proud to be part of an Albanese Government. I am proud that we made this commitment at the last election. I am proud that we're delivering on this commitment as a government. We said that multinationals would pay their fair share in tax, and this legislation is delivering on that election commitment. I'm delighted to speak on this legislation. I'm proud to be part of a government that is delivering. I'm proud to know that all of our taxes are going to be spent making Australia a better place for everyone.”

Australian Labor Party • MP • 08 Aug 2023

“During the 2022 election campaign, the Albanese government committed to ensuring that multinationals would pay their fair share in tax. This legislation levels the playing field for Australian businesses and increases transparency. These reforms will hold companies to account on their corporate structures and whether they are operating with opaque or atypical tax arrangements.”

Australian Labor Party • MP • 08 Aug 2023

“I rise today to support the bill because I believe that multinational companies who operate in Australia should be paying their fair share of tax. I believe that operating here makes them a part of our economy and, therefore, they should respect the citizenry that has created and works in that economy.”

Australian Labor Party • MP • 02 Aug 2023

“This bill finally seeks to tackle the problem of corporate tax avoidance head on. I commend this bill to the House. I hope that all 151 members of this House of Representatives will see their way to support this important legislation.”

Australian Labor Party • MP • 08 Aug 2023

“This bill is not a magic fix for all multinational tax avoidance. Neither is it the only step needed to fully address the complexities of multinational tax avoidance fully. But it is a crucial and tangible step in the right direction. As the representative of a working class electorate I remain committed to working to strengthen our tax system to make it more transparent and ensure that it serves the interests of all Australians. I would hope that this government can count on all members in this place to support this bill and signal to the international community that all parties take tax avoidance seriously.”

Australian Labor Party • MP • 02 Aug 2023

“I rise to speak in support of the Treasury Laws Amendment (Making Multinationals Pay Their Fair Share—Integrity and Transparency) Bill 2023, a bill that will deliver fair outcomes in our taxation system by holding large multinational corporate groups to account on their taxation arrangements in Australia.”

Australian Labor Party • MP • 08 Aug 2023

“This bill will level the playing field for Australian businesses and increase transparency of large corporate groups, and I'm pleased to follow the contribution of the member for Bean.”

Australian Labor Party • MP • 08 Aug 2023

“Finally the Australian government is hearing the pleas of the Australian worker, who has been saying for some years: 'Hey, this system isn't working properly. It's unfair. We're getting ripped off. How about you make some of those big companies pay their fair share of tax?' The previous government didn't do enough. They paid lip service, and they were a light touch. We're not going to be a light touch; we're going to make sure that we do the right thing by the average Australian worker or small to medium sized enterprise and make these corporations pay their fair share of tax. That is what this bill will do. It helps ensure that multinationals contribute equitably and helps to safeguard revenue for essential services that all Australians rely on. That's why this bill should be passed by the House.”

Australian Labor Party • MP • 08 Aug 2023

“This legislation will also level the playing field for Australian businesses, particularly small businesses. It will also increase the transparency of firms' tax obligations. I commend the bill to the House.”

Australian Labor Party • MP • 01 Aug 2023

“This legislation was part of the Albanese government's platform going to the election last year. The Australian people voted for this legislation. We have a mandate and a duty to act, and we begin now.”

Australian Labor Party • MP • 08 Aug 2023

“Passage of this bill will require companies to disclose information on the number of subsidiaries and their country of tax domicile, ensuring that large corporate groups are more transparent about their corporate structures. This increased transparency will allow authorities to hold companies to account for engaging in opaque tax practices, such as through the use of subsidiaries located in low-tax jurisdictions, thereby informing government on whether tax laws are operating as intended in collecting the right amount of revenue. Companies will only be required to disclose their subsidiaries and their locations as part of their annual financial report, thereby reducing any extra compliance burdens as a result of these tax changes. This is in line with international approaches.”

Australian Labor Party • Senator • 26 Mar 2024

“This bill will create transparency for revenue collection and level the playing field for all businesses. We welcome the support for this bill from the Tax Justice Network Australia, Publish What You Pay, the Australian Council of Trade Unions and the Financial Accountability and Corporate Transparency Coalition.”

Australian Labor Party • Senator • 26 Mar 2024

“That's what we want to see. We won't oppose this legislation, but do not apologise for holding this government to account on its broken promises on tax, on its failure to take action on productivity—in fact, allowing it to go into an unprecedented reversal on their watch—and on its failure to make aspirational Australians the centrepiece of its focus.”

Liberal Party • MP • 01 Aug 2023

“Nonetheless, the principles that this bill is seeking to achieve are important. They are a continuation of the work that we undertook in government. We commend the OECD framework that sees governments working together on these issues, because we certainly believe that, as much as we want taxation to be as low as we can get it, everyone should pay their fair share of tax. Where multinationals are obtaining significant economic benefit from investing in our economy, they should pay their fair share of tax to pay for our society.”

Liberal Party • MP • 02 Aug 2023

“This is a good piece of legislation in terms of ensuring multinational companies pay their fair share of tax, but it does not gloss over and does not hide the failure of this government to deliver on their other promises. There is no sign of that happening whatsoever. So I commend this bill to the House. As I said in my opening remarks, we will not be opposing this bill. But, once again, I just want to make the point that all we have seen from this government is higher cost of living, higher taxes and no sign of anything different from them whatsoever.”

Liberal Party • MP • 02 Aug 2023

“The Greens will be supporting this bill in the House. We would have preferred the government adopt the policy that both Labor and the Greens took to the 2019 election but that Labor since dropped at the 2022 election, which is a familiar pattern with this Labor government. It was to remove the safe harbour and arms-length tests for multinational debt deductions and instead limit multinational debt deductions in Australia to the same ratio as their worldwide debt-to-equity ratios. We are yet to be convinced that deductions denied under the thin capitalisation rules provided by this bill should be able to be carried forward for up to 15 years, and we will be pursuing this issue through the Senate legislative committee inquiry.”

Australian Greens • MP • 02 Aug 2023

“The measures contained in the bill, as currently drafted, do two things: (1) they require public companies to disclose information on the number of subsidiaries and their country of tax domicile; (2) they strengthen the thin capitalisation rules to limit multinational debt deductions in Australia. While I'm supportive of both of these measures—after all, they are important, long overdue elements of increasing tax transparency and integrity—alone, they do not go anywhere near far enough.”

Independent • MP • 01 Aug 2023

“Every dollar of foregone tax is $1 that we don't have to provide for services to Australians. We have crises in aged care, health, cost of living, energy prices and poverty. I could go on. If companies paid their fair share of tax, we could go part way to fixing some of the systemic problems facing our nation. Requiring companies to disclose information about their subsidiaries and annual financial reports and aligning our laws with the Organisation for Economic Co-operation and Development by addressing the use of interest debts for base erosion and profit-shifting purposes, as proposed here, is appropriate and welcomed. I support this bill, and I look forward to multinational companies finally being bound by laws that give a fair go to all.”

Centre Alliance • MP • 08 Aug 2023