US agrees to company reporting deal with Australia to hunt multinationals

The federal government’s Tax Avoidance Taskforce will be given additional intelligence to hunt down US-based multinationals after America formally agreed to share detailed information about companies with Australian authorities.

US authorities this month signed a country-by-country report exchange arrangement with Australia, which is aimed at giving tax authorities a more detailed picture of complex structures used by multinationals including their international related party dealings, revenues, profits, and taxes paid by jurisdiction.

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