Multinational companies evading taxes

TREASURER Joe Hockey says Australia must ensure wealthy individuals and multinational companies are paying their correct taxes.

The remarks were made yesterday at the G20 Finance Ministers and Central Bank Governers meeting in Cairns.

Mr Hockey says sharing information with other countries in the G20 and the OECD, is crucial to ensuring correct taxes are paid.

“The fundamental challenge with catching the cheats, is that we can’t let them find somewhere to hide,” he said.

“Unilateral action by one country is not going to do the job.”

It is understood that tax evasion will be an item of discussion for the G20 Leaders Forum in November.