Treasury Laws Amendment (Making Multinationals Pay Their Fair Share — Integrity and Transparency) Bill 2023

The majority voted against an amendment to the usual second reading motion, which is "that the bill be read a second time" (parliamentary jargon for agreeing with the main idea of the bill). Because this vote was unsuccessful, the usual second reading motion will remain unchanged. The amendment was introduced by Hume MP Angus Taylor (Liberal).

Amendment text

That all words after "That" be omitted with a view to substituting the following words:

"whilst not declining to give the bill a second reading, the House notes:

(1) the former Coalition government implemented more than a dozen measures to combat multinational tax avoidance including by:

(a) playing a leading role in the original OECD BEPS project, and committing to the OECD two-pillar solution to multinational tax; and

(b) introducing the Multinational Tax Avoidance Law; the Diverted Profits Tax; strengthening the thin capitalisation and transfer pricing rules; doubling penalties for multinational tax avoidance; and establishing the Tax Avoidance Taskforce;

(2) that despite promising to only raise taxes on multinationals at the election, the Labor Government have broken promises to raise taxes on superannuation, on unrealised capital gains, on franking credits, and end small business tax incentives;

(3) that the original form of this Bill, and its last-minute changes, show once again that Labor have an anti-business approach to consultation, regulation and policy to support business;

(4) independent economist Chris Richardson expects that Labor will breach the 23.9% tax-to-GDP cap in their first year in office; and

(5) that higher taxes are not a solution to a cost-of-living crisis and collapsing productivity under Labor".