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Hockey hands tax dodgers $600m gift: there were 600 million reasons for champagne to be quaffed in the corporate boardrooms of Australia at Christmas, when Treasurer Joe Hockey reneged on his promise to impose tough new tax avoidance rules on multinational companies.

The ACTU described the backflip as another broken promise from the Abbott government and an act of "true hypocrisy".

"The Abbott government has just given its big business mates a $600 million dollar Christmas present while continuing to pursue unfair budget cuts that will hurt hard working and vulnerable Australians," ACTU secretary Dave Oliver said.

In November last year Joe Hockey ruled out introducing laws to stop global corporations minimising their tax, a move that had a projected $600 million dollar benefit to taxpayers. Instead Mr Hockey promised to introduce a targeted anti-avoidance provision. Yet buried in Decembers budget update was a single line saying the government was dropping its anti-avoidance provision.

"The Abbott government wants to saddle university students with mortgage-sized university debts and make people pay more to visit the doctor--yet it's letting its big business mates avoid paying their fair share of tax," Dave Oliver said.

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Publication:The Lamp
Article Type:Brief article
Geographic Code:8AUST
Date:Feb 1, 2015
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