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Panama Papers ... a time bomb ticking?, page-2

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jambo12

43,873 Posts.

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06/04/16

17:49

Post #: 17438428
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Originally posted by eagle888 ↑

This is explosive stuff. Does this scandal have the potential of bringing down the govt due to its inadequate conversation on tax evasion?

"The Panama Papers couldn't come at a worse time for the Coalition
OPINION
By Peter Lewis
Updated about 9 hours ago

Prime Minister Malcolm Turnbull
PHOTO: The Turnbull Government's mishandling of its tax conversation was already pushing it into a corner. (ABC News: Matt Roberts)
Wilson Security should be stripped of Government contracts: Greens:

Fraudsters, ex-tax officers among Australians identified in data leak
The avoidance of tax by corporate executives and the very rich is the last thing the Turnbull Government needs as it prepares for a federal budget that is likely to be anchored by a cut in the company tax rate, writes Peter Lewis.

This week's Panama Papers data dump of one law firm's contribution to the global sport of tax avoidance looms as a wild card in the federal election.

The 2.6 terabytes of data implicating world leaders, major corporations and an estimated 800 high net worth Australians will generate a steady stream of revelations and possible prosecutions over the coming months.

The avoidance of tax by corporate executives and the very rich is the last thing the Turnbull Government needs as it prepares for a federal budget that is likely to be anchored by a cut in the company tax rate.

As I argued last week, the Turnbull Government's mishandling of its tax conversation was already pushing it into a corner where it is seen as governing for the top end of town rather than the broader public.

Not only will the PM likely enter a campaign justifying a tax cut while attacking Labor for tightening negative gearing concessions and paring back superannuation benefits for high income earners. But he will also now be called to explain why the Government has failed to act on homegrown tax avoidance and minimisation that sees a third of Australia's top companies paying no tax.

Meanwhile, his Government might be justifying reduced spending on health and education on the grounds that we do not have the money to meet public expectations.
If it was an election fought purely on competence, the incumbents would be in trouble. But findings in this week's Essential Report point to a more existential challenge for a Liberal Party currently in an arm wrestle between its conservative and small-l Liberal traditions.

We asked respondents to nominate which groups of society would be better off under a Liberal Government. The list is short and reads a little like the profile of the Mossack Fonseca client list."

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It never rains but it pours eh?
I thought the only break the hapless Turnbull has had in months was that he chose the Caymans over Panama.
Tax avoidance does need to be addressed though, the Panama exposure can only help draw attention to it.
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