Australian Treasurer Joe Hockey speaks during the Budget Lockup press conference at Parliament House in Canberra on May 12, 2015.AFP PHOTO / GLENDA KWEK
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Australia proposed new legislation Tuesday to tighten tax loopholes that the conservative government says have allowed around 30 of the world's largest multinational companies to avoid paying taxes.Under the proposals, released as part of Australia's 2015/16 federal budget, companies with more than AU$1 billion in global revenues that are found to have intentionally avoided paying tax in Australia could be pursued for lost taxes.With the new measures Australia will join Britain in leading a crackdown on companies such as global tech giants Apple and Microsoft, focusing particularly on their alleged shifting of profits from high-tax countries to low or no tax regimes. While Australia does not represent these companies' largest market, it is a significant and influential one.
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