Business welcomes the government’s commitment to continued consultation on measures that risked undermining Australia’s international competitiveness and ability to attract investment, Business Council chief executive Jennifer Westacott said.
“It is clear the government has listened to concerns raised by business, and we appreciate the government’s continued commitment to engage in meaningful consultation.
“The BCA strongly believes all companies must meet their tax obligations and where arrangements do not keep pace with community norms, they should be reviewed.
“This is precisely why we will continue to actively encourage member companies to adopt the Tax Transparency Code.
“Tax transparency disclosures should be meaningful, maintain commercial confidentiality, minimise compliance costs and be consistent with international reporting obligations.
“Australia has some of the strongest tax integrity rules in the world, and they have been strengthened over time.
“Existing integrity measures, institutions and enforcement all contribute towards and complement a high level of compliance with our tax system.
“Business looks forward to continuing our work with the government to ensure stakeholders are better informed through meaningful data, commercial confidentiality is maintained, compliance costs are minimised and consistency with international reporting obligations is preserved.”
