Unions welcome moves by the Senate to overturn the Turnbull government’s secretive tax laws that would have shielded $100 million private companies from proper public scrutiny.
The unwinding of the ‘Better Targeting the Income Tax Transparency Laws’ Act is an important step towards ensuring a fairer, more equitable tax system that doesn’t place an unfair burden on the 11 million low and middle income workers who are set to face a significant increase to their cost of living under a proposed increase in the GST.
Quotes attributable to ACTU President Ged Kearney:
“This is a positive step towards ensuring a more transparent and accountable tax system.”
“Multi-million dollar private companies already enjoy a range of loopholes and exceptions that aren’t available to regular tax payers, and the last thing we want is to hide these practices from further public scrutiny.”
“One in five private companies with annual revenue of $100 million or more pay no tax at all, while workers, families, small businesses and students who pay their fair share are faced with a GST hike.”
“Letting multi-million dollar companies skirt their taxes means less money for health, education and other important services and we shouldn’t have to pay more GST to make up for the shortfall.”
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