Labor promises crackdown on multinational tax avoidance would bring almost $2 billion in revenue

Labor has promised to close loopholes being used by multinational corporations to avoid paying tax to "level the playing field for Australian businesses" if it wins the federal election. Key points: Labor says its multinational tax reform plan would raise almost $2 billion in revenue The party says multinationals have used tax havens and avoidance schemes at a cost to Australians Labor has also committed to an audit of Coalition spending to find budget savings Announcing the party's economic plan, Shadow Treasurer Jim Chalmers said Labor would focus on managing rising inflation, lifting stagnant wages and cutting wasteful government spending. "Australians have been paying more tax and losing out on funds that should be available for vital services like Medicare, aged care and child care while multinationals have been using tax havens and tax avoidance schemes to avoid paying tax in Australia," Mr Chalmers and Shadow Finance Minister Katy Gallagher said in the party's economic statement. Labor's "multinational tax integrity package" would support the OECD's proposed global 15 per cent minimum tax for multinationals, taxed where products or services are sold — which is also supported by the Coalition. "Compare that to the ALP's 11-page plan, which is about job cuts, a review, and agreeing with us on multinational tax avoidance, that's their plan," Mr Robert said.