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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.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.