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​Australia passes tough multinational tax avoidance measures

( December 4, 2015, 03:32 GMT | Official Statement) -- MLex Summary: Australia's parliament has passed the Tax Laws Amendment (Combating Multinational Tax Avoidance) Bill, which will ensure that major international companies operating in the country but booking profits offshore have to pay Australian tax. Under the new law, which covers about 1,000 multinationals operating in Australia with global revenues above A$1 billion ($732 million), firms caught cheating will have to pay back double what they owe, plus interest. The bill was passed with amendments from the Greens party, which doubled to A$200 million the revenue limit above which companies are forced to publish their tax contributions, effectively shielding about 600 firms, according to media reports....

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