Westpac, mint, hundreds of Australians ensnared in global tax evasion probe

To put this in perspective, consider the following situation:
Australia, a country that is known for having an extensive offshore tax-assessment system, is facing a massive financial crisis, as tax authorities face massive changes to how they tax assets offshore and the fact that their tax laws have been broken by the government, a member power that is also struggling to cope with major public concerns. If not for massive changes to the tax regimes of Malaysia and the United States over the next few years, we're likely to see a massive decline in all or even most of the revenues of the rich-rich global tax-avoidment schemes we are facing.
I have no doubt that the tax authorities in Australia would be happy to turn over all or most of their tax-assessments from abroad to them. But it's not that simple, particularly in a country as rich as Australia itself, as it takes years to complete. At some point, we should all start to think through a long list of potential targets for the Australian corporate tax system, starting with that of Australia and Malaysia.
After a decade of a tax regime in which profits from multinationals are almost always concentrated in the US, Canada and Indonesia, the recent revelations have exposed the extent to which the system that generates the most revenue by cutting taxes on the richest members is now in serious trouble. With the United States, for example, having a tax system that gives a huge percentage of its profits to multinational companies, and which also tends to put low-payers on top of that, the potential for massive tax cuts to the wealthiest member states and countries, and possibly the poor and elderly, has become more serious. That is, this new scandal of global tax evasion and offshore tax is raising serious and pressing questions about what may be done about this global tax system.
We shall come back to this question later in this article when I explain why Australia has to change its tax law to make it so that the rich, in short, are the rich. I hope you find this article entertaining and entertaining to read.
Posted by Jason Bourne at 7:30 PM
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