Australian Treasurer Scott Morrison has said that the Labor Party would introduce uncompetitive tax rates that would increase the annual tax burden on the economy by AUD31bn (USD24.5bn).
In an address to a Bloomberg event in Sydney, Morrison said: "You don't grow the economy by taxing Australia out of business. You don't support Australian households by taxing Australians out of [a] job."
"You grow the economy by pursuing the economics of opportunity, not the politics of envy. By making it easier for businesses to invest, grow, and create jobs."
According to Morrison, had Labor won the last election and implemented the tax policies in its manifesto, taxes as a share of GDP would have risen to 25.7 percent. The Coalition has set a tax-to-GDP cap of 23.9 percent over the medium term.
Morrison argued that Labor's proposals would result in the introduction of six new taxes.
Morrison said that the abolition of negative gearing would equate to a housing tax, while an increase in capital gains tax would represent an investment tax. Reversing the Coalition's tax cuts and concessions for businesses with annual turnover of up to AUD50m would amount to an SME tax, and increasing the tax on distributions on family trusts would be a "family business tax."
Finally, Morrison described Labor's plan to increase to the tax on superannuation contributions as a "savings tax," and its proposed increase to the top marginal income tax rate as a "higher wage tax."
Morrison estimated that these measures would cost more than AUD150bn over ten years and would mean "gluing the Australian economy to some of the most uncompetitive taxes in the OECD."
Switzerland's lower house of Parliament on May 29, 2018, approved DTAs with Kosovo and Pakistan.
The Moroccan Government has approved for ratification a DTA with the Republic of the Congo, it announced on May 29, 2018.
Argentina has approved a protocol to its DTA with Brazil, the Argentinian Official Gazette reported on May 23, 2018.
Brazil's upper house of Parliament on May 30, 2018, approved a protocol updating the DTA with Norway.
Hong Kong and Finland on May 24, 2018, signed a DTA.
Legislation ratifying a new DTA between Russia and Japan was submitted to the Russian State Assembly (the Duma) for approval on May 22, 2018.
Vietnam and Macau signed a DTA on April 16, according to a statement released by the Vietnamese Ministry of Finance on May 11, 2018.
Talks are continuing on a DTA between Jordan and Switzerland, according to a statement released by Jordan's Foreign Ministry on May 14, 2018.
The Czech Senate approved a law to ratify the DTA with Ghana on May 17, 2018.
The Philippines-Thailand DTA entered into force on March 5, and the Philippines' DTA with Sri Lanka on March 14, the Filipino tax agency announced on May 17, 2018. They will be effective from January 1, 2019.
Jordan's Minister of Planning and International Cooperation met with Luxembourg's Finance Minister to discuss enhanced cooperation between the two countries in a number of areas and agreed to seek to conclude a DTA.
Uzbekistan and Lithuania are to engage in talks towards a DTA, Uzbekistan's state news agency reported May 9, 2018.
Two Georgian committees approved the text of a DTA with Saudi Arabia and forwarded it for ratification, according to a May 17 announcement on the Georgian parliament's website.
Hong Kong gazetted an order to ratify its DTA with Saudi Arabia on May 18, 2018.
Talks are continuing on a DTA between Turkey and Afghanistan, according to a statement released by Turkey's Ministry of the Interior on May 11, 2018.
A new DTA between Finland and Spain will enter into force in January 2019, according to a May 18, 2018, announcement from the Finnish tax authority.
Andorra and Cyprus have signed a DTA, Andorra's Government announced on May 18, 2018.
Singapore and Brazil signed a DTA on May 7, 2018.
A DTA between Morocco and the Congo was signed on April 30, 2018.
The Mauritius Revenue Authority on March 19, 2018, published Government Notice No. 36 of 2018, confirming the entry into force of a Protocol updating its DTA with Barbados.
Legislation allowing for a DTA between the Netherlands and Malawi was ratified on April 30, 2018.
Switzerland and Brazil signed a DTA on May 3, 2018.
Slovakia on April 27, 2018, published Notice 123/2018 confirming the entry into force of its DTA with Ethiopia.
The Indian Government on May 7, 2018, announced that the DTA Protocol signed with Kuwait entered into force on March 26, 2018. A notice was published in India's Official Gazette on May 4, 2018.
The DTA between Slovakia and Iran became effective on May 1, 2018.