Oxfam Australia Say Multinationals Avoid Paying Nearly $9 Billion In Taxes Annually

Oxfam Australia Says The Country Needs To Do More To Fight Climate Change

Regardless of which government is in power following the recent election, Oxfam says Australia must crack down on tax dodging multinationals that is costing the country billions of dollars every year in lost revenue. In a new report authored by Oxfam Australia, it is estimated that almost A$ 9 billion every year is lost because multinational companies are stashing their Australian profits in tax havens. The aid agency points out that this is money that could be used to fund schools and hospitals as well as pay for critical infrastructure either in Australia or in developing countries.

Dr. Helen Szoke Oxfam Australia’s chief executive says the report demonstrates just how much the public loses when big companies do bad things without the government regulating them to stop the behaviour.

“The Oxfam report, for the first time, puts dollar figures on what Australians and poor people in our region are missing out on,” Dr Szoke says.

Tax evasion is a global problem

Tax evasion is a big problem all over the world and is rampant in developing countries where multinationals avoided paying as much as US$172 billion in taxes during the 2014 financial year. This is obviously money that these countries cannot afford to lose. The Hidden Billions report was officially launched last month. The report came alongside the results of an online survey which suggests that as much as 90 per cent of Australians think the Federal Government should robustly regulate multinational corporations to stop them from avoiding Australian tax. The public also wants greater transparency and is calling for multinationals to report their earnings and the amount of tax they pay publicly.

“With inequality worsening around the world, making the fight against poverty even harder, companies must pay their fair share of taxes, so that the revenue can be used to improve peoples’ lives, both here and for the world’s poorest people,” Dr Szoke said.

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