Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

That is a very important question by Senator Edwards. While the coalition are absolutely committed to lower, simpler, fairer taxes, we are also committed to the integrity of our tax system. We are working very hard to ensure that every business in Australia generates profits in Australia and pays taxes in Australia consistent with our laws. We already have one of the toughest anti-avoidance laws in the world, but there is always room for improvement. As G20 president in 2014, the Treasurer has led the global response to multinational tax avoidance. He is getting on with measures to strengthen the integrity of the system. The government have released a draft multinational anti-avoidance law to stop multinationals from artificially avoiding a taxable presence in Australia. This is real legislative action. We plan to introduce the legislation in the spring sittings. We are also actioning the G20 and the OECD on erosion and profit-shifting recommendations, on country-by-country reporting, anti-hybrid rules, harmful tax practices, treaty abuse rules and exchange of rulings. (Time expired)