Around a decade ago, former Treasurer Joe Hockey created legislation named the Multinational Anti-Avoidance Law (MAAL), which was based on the OECD’s Base Erosion Profit Shifting project.
The MAAL was created to prevent huge corporations, notably tech behemoths, from moving income from higher-taxing countries like Australia to lower-taxing countries like the Netherlands and Singapore.
On 1 July 1, the Albanese Government was supposed to pass legislation requiring all corporations with global revenues of more than $1 billion that operate in Australia to make public the tangible and intangible assets they own in each jurisdiction, along with their book values.
