Andrew Leigh (Fenner, Australian Labor Party, Assistant Minister for Competition, Charities and Treasury) Share this | Hansard source

I move:

That this bill be now read a second time.

This bill is part of a package of three bills which together will enact a 15 per cent global minimum tax and domestic minimum tax for the multinational enterprises operating in Australia with an annual global revenue of 750 million euros (approximately A$1.2 billion) or greater.

This bill specifically imposes the liability to pay top-up tax under the global minimum tax and domestic minimum tax in accordance with section 55 of the Constitution.

The bill will commence on the day it receives royal assent and will apply to fiscal years commencing on or after 1 January 2024.

Full details of the measure are contained in the explanatory memorandum.

Debate adjourned.

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