This report, published with the Tax Justice Network and the Uniting Church in Australia, estimates that more than $1 billion in profits was shifted out of Africa to tax havens by Australian mining companies in just one year (2015) – equating to up to almost $300 million in tax revenue that could have been used for vital services such as schools and hospitals.
The report also highlights the extent to which the tax affairs of too many of Australia’s mining giants remain cloaked in secrecy. The report shows the majority of Australian mining companies simply do not publish enough tax information for anyone to understand their tax payments and practices around the world.
There is an urgent need for mandatory public tax transparency that would make it clear what taxes these companies pay and where. When multinationals contribute their fair share of tax, people living in poverty have a better chance to build a better future – for themselves and their families. It would be small change for rich multinationals but it would make a big difference for people in the world’s poorest places. The Australian Government has the power to make multinationals pay tax and help prevent extreme inequality from spiralling out of control.