Labor Government Introduces Bill for Global Minimum Tax

Published on July 4, 2024

The Australian Labor government has introduced a bill to lock in a 15 percent global and domestic minimum tax for all multinational companies. Companies with a revenue of $1.2 billion (US$805.67 billion or 750 million euros) will come under the new standard, effective from Jan. 1, 2024. Australia’s current company tax rate sits at 30 percent for businesses with a turnover of $50 million. However, ministers and the Greens have long criticised multinationals for tax avoidance. “These measures bring us into line with many other nations, including the biggest economies in the world that are all cracking down on multinationals to ensure they are paying a fairer share of tax,” said Treasurer Jim Chalmers and Competition Minister Andrew Leigh in a statement on July 4....

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