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Australia zooms in on tax avoidance with proposed laws

Canberra taking the lead among G20 with crackdown on MNCs; new laws could come into effect Jan 1

Published Mon, May 11, 2015 · 09:50 PM

Sydney

THE Australian government announced a world-leading crackdown on Monday on alleged tax avoidance by 30 multinational companies that will likely force them to restructure their businesses before next year.

"These companies are diverting profits earned in Australia away from Australia to no-tax or low-tax jurisdictions," Treasurer Joe Hockey told reporters in Canberra.

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