Australia Consults On Failure To Disclose Penalties For MNEs
The Australian Treasury is consulting on plans to increase administrative penalties for multinationals that fail to adhere to tax disclosure obligations.
The new rules will apply to companies with global revenue of AUD1bn (USD749.7m) or more. From July 1, 2017, penalties relating to the lodgment of tax documents to the Australian Taxation Office (ATO) will be increased by a factor of 100. This will raise the maximum penalty for the failure to lodge a return, notice, statement, or other form with the ATO on time from AUD4,500 to AUD450,000.
Penalties for making false and misleading statements to the ATO will be doubled.
According to the Treasury, the aim is to encourage multinationals “to better comply with their tax obligations, including lodging tax documents on time and taking reasonable care when making statements.”
The consultation closes on January 13.
