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Labor bows to pressure on multinational tax disclosure

Tom McIlroy

Labor has bowed to pressure from business over its plans to force multinational companies to disclose an unprecedented level of tax information, opting to follow less onerous international standards.

Global fund managers and Australian companies including medical giants Cochlear and CSL warned the Albanese government’s proposed country-by-country tax reporting rules – due to start July 1 – risked exposing sensitive commercial data to competitors and undermining co-operation by international revenue authorities.

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Tom McIlroy is the Financial Review’s Canberra bureau chief based in the press gallery at Parliament House. He was previously the AFR’s political correspondent. Connect with Tom on Twitter. Email Tom at thomas.mcilroy@afr.com

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    Original URL: https://www.afr.com/politics/federal/labor-bows-to-pressure-on-multinational-tax-disclosure-20230622-p5dikk