Despite strong lobbying from domestic and foreign business lobbies, the Albanian government has passed a corporate tax transparency law, which it says is “one of the most stringent tax disclosure laws for multinational companies in the world.”
The law, passed by the National Assembly in Canberra on November 29, follows years of tax avoidance by multinationals and hundreds of local companies (an estimated one in three Australian companies failed to pay in 2020-21 taxes).
The law requires countries to make public reports so tax authorities can assess whether true business operations correspond to where profits are registered and taxes are paid, according to one person. Australian Broadcasting Corporation reports (ABC).
This means “every multinational company operating in Australia must now publicly report tax payments, profits, worker numbers and other financial information across a wide range of jurisdictions for the financial year from July 2024”.
The report states: “The new law will essentially eliminate multinational companies that fail to meet their corporate tax obligations and transfer profits to once notorious tax haven jurisdictions.” It also pointed out that global multinational companies are expected to have 10,000 employees by 2022. Billions of dollars were transferred to tax havens.
read Full coverage: ABC News.
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