The Tax Justice Network has had a massive impact on tax and political debate in Australia largely due to the tireless efforts of Mark Zirnsak. The latest coup is reported in the Sydney Morning Herald:
Out of 1539 of Australia’s largest corporate entities, 38 per cent did not pay any tax in 2013-14.
Tax Commissioner Chris Jordan has released the tax details of corporate entities with $100 million or more annual turnover – 985 of which are foreign-owned, and 554 of which are Australian foreign entities.
There is much to note in that article. But what is significant is the fact that the data has been published, with names attached.
It’s time we did the same here in the UK.
First that would be a step to verifying country-by-country reporting data.
Second it would force more companies to explain their tax better.
Third, we might see better accounting as encouraged by the Fair Tax Mark.