Global Tax 50 2014: Joe Hockey
International Tax Review is part of the Delinian Group, Delinian Limited, 4 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730
Copyright © Delinian Limited and its affiliated companies 2024

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

Global Tax 50 2014: Joe Hockey

Australian treasurer

Joe Hockey

Joe Hockey is a new entry this year

"Let me be very clear: a tax cheat is a thief," said Joe Hockey at a speech in Washington before meetings of G20 finance leaders in October. Australia's Treasurer made his position on tax evasion clear during the country's tenure as president of the G20, emerging as a strong leader against corporate tax evasion. Hockey's comments came after the release of the first Luxembourg Leaks documents in November.

"Wherever companies engage in extraordinary activity in order to avoid tax, we will go after them. We have an obligation to every taxpayer in Australia to ensure that everyone that earns profits in Australia pays tax in Australia," said Hockey.

Australia has been particularly vocal in the crackdown on tax evasion. Though it has sophisticated transfer pricing and taxation laws, laws have a difficult time keeping up with rapidly changing technology and innovation. Hockey has used his position to ensure Australia's continued tax development.

"We remain dissatisfied with the tax outcomes some multinationals are able to manufacture, which creates an uneven playing field for smaller businesses, and it unfairly shifts the tax burden on to others," Hockey said in September.

Despite these sophisticated transfer pricing rules, Australia's tax planners faced multiple challenges in 2014. In October, Australia's Tax Justice Network published a controversial report claiming that Australian corporations were evading tax. Though the report methodology was questioned, the ATO is now investigating the Australian operations of several of the world's largest technology companies, including Apple and Google. Hockey responded by pledging government resources to end tax evasion.

Domestically, Hockey has overseen the repeal of two divisive indirect tax policies – the carbon pricing mechanism, repealed at the third attempt in July, and the minerals resource rent tax (MRRT) aimed at mining activity. Though the indirect taxes had environmental benefits, they were contested hotly by industry lobbyists and caused havoc for former prime minister Julia Gillard.

Most recently, Hockey hinted at the possibility that Australia might follow in the UK's footsteps on a new initiative dubbed the 'Google tax', which will levy a 25% tax on multinationals who evade taxes by shifting income overseas. Tax officials from Australia have reportedly met with their British counterparts to learn more about the proposed tax, which was published as part of the UK's Draft Finance Bill in September.

In a poll conducted by ReachTel of constituents in North Sydney, 72% expressed that they believed the Coalition was not doing enough to stop corporate tax evasion. The popularity of reforms to stop tax evasion will ensure that pressure remains on Hockey to continue his work in the area. Though 2014 marked the completion of only his first year in office, Hockey is poised to continue to shape the focus of Australia's tax reforms, especially considering the promise of a White Paper on Taxation in 2015.

The Global Tax 50 2014

View the full list and introduction

Gold tier (ranked in order of influence)

1. Jean-Claude Juncker  2. Pascal Saint-Amans  3. Donato Raponi  4. ICIJ  5. Jacob Lew  6. George Osborne  7. Jun Wang  8. Inverting pharmaceuticals  9. Rished Bade  10. Will Morris


Silver tier (in alphabetic order)

Joaquín AlmuniaAppleJustice Patrick BoyleCTPAJoe HockeyIMFArun JaitleyMarius KohlTizhong LiaoKosie LouwPierre MoscoviciMichael NoonanWolfgang SchäubleAlgirdas ŠemetaRobert Stack


Bronze tier (in alphabetic order)

Shinzo AbeAlberto ArenasPiet BattiauMonica BhatiaBitcoinBonoWarren BuffettECJ TranslatorsEurodadHungarian protestorsIndian Special Investigation Team (SIT)Chris JordanArmando Lara YaffarMcKessonPatrick OdierOECD printing facilitiesPier Carlo PadoanMariano RajoyNajib RazakAlex SalmondSkandiaTax Justice NetworkEdward TroupMargrethe VestagerHeinz Zourek

more across site & bottom lb ros

More from across our site

Despite the relief, Brazil’s government has also presented a bill which seeks to re-impose a tax burden on companies’ payroll, one local tax specialist told ITR
Jeremy Brown arrives at the firm after a near 16-year career with Deloitte
PwC could elect a woman into the senior leadership position for the first time; in other news, KPMG Australia has extended its CEO’s term
The Senate report into PwC’s scandal is titled ‘The cover up worsens the crime’
Law firms that are conscious of their role in society are more likely to win work, according to a survey of over 23,000 in-house professionals
The firm’s tax business generated a quarter of HLB’s overall revenues in 2023
While successful pillar two implementation will require collaboration across all units, a combination of internal and external tax advice is at the centre of the effort
Binance has also been accused of manipulating foreign exchange rates via currency speculation and rate-fixing
Six individuals should have raised questions over information they received but did not breach professional standards, according to the firm
The partnership of KPMG UK has installed Holt for a second term as CEO and senior partner; in other news, a Baker McKenzie partner has sued the IRS
Gift this article