Joe Hockey (North Sydney, Liberal Party, Treasurer) Share this | Hansard source

It is about time. It is a question that I would have thought would have been asked since budget night by the Labor Party, but no. In this case, the member for Reid has taken a keen interest in ensuring that multinational organisations pay their fair share of tax. And the fact is: when we came to office, we actually embedded people from the Taxation Office in a number of major international companies operating in Australia. As a result of being embedded in their businesses, we have been able to identify 30 multinationals that have been shifting profits offshore. They have substantial operations here on the ground in Australia but have been shifting profits offshore to Singapore, then to Ireland, then across to the Netherlands, then back to Ireland and then across to Bermuda. We have been able to identify that because we have actually been in their businesses. It is known colloquially as a double Irish Dutch sandwich—

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