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Gotcha! Morrison Gets Facebook To Pay Aussie Tax

Social media giant Facebook is the latest international IT outfit to agree to book its Australian revenue in Australia rather than in Ireland, Treasurer Scott Morrison has told Federal Parliament.

This follows similar moves by the likes of Apple, Microsoft and Google.

Morrison quoted tax commissioner Chris Jordan as reporting that more multinationals are now restructuring to models whereby their Down Under sales are booked in Australia.

This year alone the Government will claw back around $2 billion in revenue from such multinationals, Morrison said.

He claimed the Labor Party when in government had done “absolutely diddly-squat” on the issue of making multinationals pay their fair share of tax.

Labor, not to be outdone, branded the Government’s claimed crackdown on multinational companies as a “phony war” but said it won’t stand in Morrison’s way.

Shadow assistant treasurer Andrew Leigh told Parliament the move to impose a 40 percent tax on diverted profits from July 1 is simply an attempt to distract from the Government’s $50 billion corporate tax cut plan.

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