Greens strike deal with Lieberals - richest companies and multinationals to disclose tax paid

My take on this is that the Greens have stolen Labor's limelight, and Labor hates it.

So the tax disclosure bill was stuck in the senate. If it was allowed to stay stuck (as this was the last sitting day of parliament for the year) it would simply mean further time that rich Australian and multinational companies could get away with not disclosing the amount of tax they pay in Australia.

By securing a deal the Greens have ensured that won't be the case. 

Labor is calling this a "sell out". Oh FFS. Labor accusing another party of a sell out? *pfffffft* This is hardly a sell out. More like pragmatic action.

Up to 300 of Australia's wealthiest private companies will be forced to disclose their annual tax bill for the first time after the Greens cut a compromise deal with Treasurer Scott Morrison on contested tax transparency legislation. 

But the deal, which has been branded a "sell out" by the Labor Party, will shield up to 600 more companies that would have been brought under new transparency requirements. 

Until the Greens shook hands with Mr Morrison, the crossbench and Labor had the numbers to prevent the passage of the government's multinational tax avoidance bill unless the Coalition agreed to all companies with revenues of $100 million publishing their tax contribution. 

That measure will now be doubled to $200 million – effectively shielding two-thirds of the companies that would have been brought into the light for the first time. 

Multinational corporations with global revenue of $1 billion or more will also be forced to prepare "general purpose" financial statements to lodge with the corporate regulator the Australian Securities and Investment Commission, instead of less detailed "special purpose" statements. 

Greens leader Richard Di Natale said the deal defused a standoff and ensured passage of the government's Combating Multinational Tax Avoidance Bill, to take effect on January 1. 

"If we hadn't got this bill passed today, multinational companies would have enjoyed another full year of not having to disclose their tax on a country-by-country basis," said Senator Di Natale. 

"We had a choice to either criticise from the sidelines and let multinational tax avoiders off the hook, or pass laws that force much greater tax transparency. The Greens chose action." sydneymorningherald