Multinationals that repatriate profits in Australia to forfeit 40%

Multinational firms that shift profits offshore will be taxed at a penalty rate of 40% under a diverted profits tax, similar to the so-called “Google tax” introduced in the UK last year.

According to Treasurer Scott Morrison who announced the new penalty, a team of 1000 tax avoidance specialists will join the Australian Tax Office to target large companies and wealthy individuals avoiding tax.

Read more on this: Australia budget: Multinationals to be hit with ‘Google tax’ – BBC News