Wouldn’t it be nice to know precisely how much revenue multinational companies made in Australia and around the world just to make sure they’re not dodging tax?

That’s the system the European Union and Australia are trying to create, but not without substantial backlash from the companies and their advisers, such as PwC, which lobbied the government to delay country-by-country reporting.

The proposed changes are contained in a bill that also includes reforms to buy now, pay later financing.

Country-by-country reporting faces a significant hurdle in a Coalition amendment which would allow companies to self-declare that certain information is commercially sensitive and cannot be made public for five years.

The Tax Justice Network has written to the crossbench urging them to reject this device, warning it will “undoubtedly be abused by multinational corporations involved in tax avoidance and profit shifting”.

The assistant treasurer, Andrew Leigh, says that the legislation allows companies to make the case to the Australian Taxation Office that publication of the data will cause them........

© The Guardian