| AUSTRALIA has
recently announced the legislation called the Tax Laws Amendment (2013
Measures no. 2) Bill 2013, introduced to implement a major overhaul of
privacy provisions according to which large business corporate tax dealings
look set to be published by the Australian authorities.
Announcing
the publication of the Tax Laws Amendment (2013 Measures no. 2) Bill
2013, Assistant Treasurer David Bradbury said that the reforms form
"part of the Government's broader agenda to crack down on multinational
profit shifting and tax avoidance."
Under the changes,
the Commissioner of Taxation will be required to make public the tax payable
by corporate taxpayers with accounting incomes of AUD 100m (USD96.5m) or
more a year, and the resource rent tax liabilities of entities subject to
the Mineral Resource Rent Tax or the Petroleum Resource Rent Tax. The aggregate
collections for each of Australia's taxes will also be revealed, and Government
agencies will need to enhance their information sharing practices.
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