Tax avoidance bill passes first reading – MSN

Tax avoidance bill passes first reading – MSN

Parliament has unanimously passed the first reading of the bill that will stop multinational companies avoiding tax by shifting profits offshore.

It was introduced by Revenue Minister Stuart Nash, who said some multinationals used “aggressive strategies” to pay little or no tax anywhere in the world.

“This is known as base erosion profit shifting and is a massive problem – it denies a country its taxation revenue and erodes confidence in the fairness of the tax system,” he said.

National supported the bill, saying it had done most of the work on it when it was in government.

By MSN

https://www.msn.com/en-nz/news/markets/tax-avoidance-bill-passes-first-reading/ar-BBGCVsv?ocid=News