A win for tax transparency: New legislation announced
The Australian federal government has recently announced legislation to implement global public country-by-country reporting: a world-first in corporate transparency.
The legislation would require all large multinationals operating in Australia to report key financial information for every country in which they operate, granting global access to data on a corporation’s tax affairs.
The Centre for International Corporate Tax Accountability and Research (CICTAR), established by unions and civil society organisations, aims to provide research and resources to support campaigns advocating for increased transparency and accountability of multinational corporations. These corporations often engage in legal tax avoidance through profit-shifting and complex corporate structures, depriving governments of revenue that could fund essential public services
In 2018, the NSWNMA became a founding member of CICTAR, which has since contributed to Australia’s progress towards making global tax justice history.
Through CICTAR’s research, the Australian Nurses and Midwives’ Federation (ANMF) exposed the business structures of aged care providers, demonstrating the need for transparency and accountability.
Although the legislation still needs to pass, this accomplishment demonstrates the potential power of CICTAR’s model for creating change in global taxation, using legitimacy, convening power, and strategic resource deployment. With further reports and projects in progress, CICTAR is sure to continue making great progress in tax transparency internationally.