Labor Government Introduces Bill for 15 Percent Global Minimum Tax

The federal government is pitching the bill as an attempt to deal with cost of living issues.

People walk past a currency exchange shop in Istanbul, Turkey on June 23, 2023. Chris McGrath/Getty Images)

The Australian Labor government has introduced a bill to lock in a 15 percent global and domestic minimum tax for all multinational companies.

Companies with a revenue of $1.2 billion (US$805.67 billion or 750 million euros) will come under the new standard, effective from Jan. 1, 2024.