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Australia plans to tax all digital transactions

IANS  |  Canberra 

The Australian plans to all online transactions, Treasurer Scott Morrison said on Wednesday, as part of a so-called 'strike' on the rapidly-growing economy.

Currently, the is unable to all of Australia's approximately $7.37 billion annual online transactions, Xinhua news agency reported.

However, Morrison said on Wednesday that as moves towards a modern, cashless economy, the must keep up to ensure the 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 was aiming at the wider online and marketplace to ensure everybody was paying their fair share of

"You've got to make sure your 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 economy."

"The 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 economy is that it is all automatic," Morrison said, adding he expects to introduce changes to the system in the May budget.--IANS


(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, January 11 2017. 09:52 IST