PM Abbott 'Hints Crackdown' on Apple et al; Obama Finds PM ‘Intriguing’
By Athena Yenko | June 11, 2014 5:00 PM EST
Prime Minister Tony Abbott's recent keynote speech in New York has hinted a looming crackdown on Apple, Microsoft, Google and other international companies, as revealed in the notes prepared for his speech to the Australian-American Business Luncheon.
Abbott seeks for hard-hitting international rules that will impose sanctions to companies who deliberately elude paying taxes in the countries that these companies were conducting business. Case in point is Apple's $36.4 million Australian taxes in 2013 against the company's $6.1 billion Australian revenues.
The prime minister highlighted he is targeting a crackdown against companies that strategized evading tax behind countries with lenient taxing system.
"We need global tax rules to ensure that businesses pay tax in the countries where they earn revenue. We need financial system and energy system governance that better reflects the changing balance of economic power," written in the notes obtained by news.com.au.
Abbott also called for the new international investment laws that shall persuade private investors to fund transportation, properties and basic services for infrastructure to be built across the globe.
"If people are to lead better lives, they need clean water, healthy buildings and good transportation systems. Private capital is available to help build what we need but only if investors can be sure that their money is safe," Abbott's notes read.
Meanwhile, Kim Beazley, Australian ambassador to the U.S., said Abbott's had U.S. President Barrack Obama "intrigued."
Obama is considering Abbott to be U.S.' middleman with Asian countries, Beazley revealed in an exclusive interview with The Telegraph.
"He has them somewhat intrigued. They do say we are critical to their pivot, or their rebalancing, as they expand their interest into south-east Asia. And they are very interested in the Prime Minister's visits to Asia...and what he has arranged in the region," Beazley said.
"They are intrigued by his relationship with the Japanese Prime Minister and the fact Australia is looking to do more and more with Japan and how he managed to balance that out with quite a reasonable dialogue with China. They think that was a little risk taking by the Australian Prime Minister....and he seemed to pull it off, so in their minds that is a plus."
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