Statement on Multinational Tax Legislation

“The Business Council welcomes the passage of the government’s multinational tax bill through the Parliament. The legislation will see Australia play its part in responding to the OECD’s Base Erosion and Profit Shifting package. It will provide companies with certainty around their obligations, and provide the community with greater confidence in the integrity of Australia’s already robust corporate tax system,” BCA Chief Executive Jennifer Westacott said.

“The Business Council firmly believes that businesses in Australia must meet their tax obligations and do so in a transparent way. Where companies do not adhere to the law, authorities should act. Where the law has not kept pace with community standards, it is the role of government to review it.

“The government appears to have achieved a workable compromise on several amendments proposed, but without a proper consultation process and time to digest the amendments, we will need to assess any possible unintended consequences.

“It is important that changes to the company tax system do not unnecessarily deter investment, reduce our competitiveness or add to complexity.”