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Australia plans to tax all digital transactions
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IANS | 11 Jan, 2017
The Australian government plans to tax all online transactions,
Treasurer Scott Morrison said on Wednesday, as part of a so-called 'tax
strike' on the rapidly-growing digital economy.
Currently, the
government is unable to tax all of Australia's approximately $7.37
billion annual online transactions, Xinhua news agency reported.
However,
Morrison said on Wednesday that as Australia moves towards a modern,
cashless economy, the government must keep up to ensure the tax system
remains "modern".
He said after imposing the "Google" and
"Netflix" taxes, which ensure multinational corporations and online
services were properly taxed for all sales in Australia, the government
was aiming at the wider online and digital marketplace to ensure
everybody was paying their fair share of tax.
"You've got to make sure your tax base is just not comprehensive but make sure it is modern," the Treasurer said.
"That's not a criticism of anything previously, but you've got to make sure it is keeping pace with the digital economy."
"The
tax system will have to change to embrace the new world order when it
comes to technology and how people are consuming services," Morrison
added.
"The thing about the digital economy is that it is all
automatic," Morrison said, adding he expects to introduce changes to the
tax system in the May budget.
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Customs Exchange Rates |
Currency |
Import |
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US Dollar
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66.20
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64.50 |
UK Pound
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Euro
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75.65 |
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