Submission to the Senate Economics References Committee Inquiry into Corporate Tax Avoidance and Minimisation
This inquiry is an opportunity for a considered and evidence-based debate on the emerging issues of global taxation arrangements.
The BCA's starting point is that businesses must meet their tax obligations and do so in a transparent way.
A fundamental objective of the tax system must be to ensure that the Australian economy remains strong and continues to grow.
Australia's integrity measures, institutions and enforcement all contribute towards and complement a high level of compliance with our tax system.
How profits of companies operating internationally are taxed is a complex issue. If one country acts alone, it risks unintended consequences such as double taxation, reducing competitiveness or deterring vital investment.
This complex issue is currently being discussed at the international level. In the meantime Australia should continue to enforce its own tax integrity laws, which are among the toughest in the world.