Australia to crack down on tax avoidance

The government in Australia has announced a world- leading crackdown on alleged tax avoidance by 30 multinational companies in a move that could force the likes of Apple and Microsoft to restructure to escape huge penalties.

“These companies are diverting profits earned in Australia away from Australia to no-tax or low-tax jurisdictions,” treasurer Joe Hockey told reporters in Canberra.

He declined to identify the targets, but said “it’s pretty evident which companies are involved”.