If Joe Hockey really is keen on some deficit reducing action, perhaps Britain’s Conservative Government has provided some ideas.
That’s how the business section of London’s Daily Telegraph headlined the tax changes outlined by the Chancellor.
GEORGE Osborne has used his last Autumn Statement before the general election to launch an £8bn tax raid on big business, targeting banks and multinational technology companies.
The Chancellor intends to raise billions by enforcing a “Google tax” on multinationals which artificially divert their UK profits overseas, while also blocking a corporation tax rule that allows banks to use the losses they racked up during the financial crisis to offset their future profits. The moves, combined with a string of other measures to stop companies avoiding tax, will help to fund a major overhaul of stamp duty and an increase in the personal income allowance to £10,600.
A different kind of approach to raising the dosh than being taken in Australia by our Treasurer Joe Hockey.