Netflix is Joe HockeyThe Hon. Joe Hockey, Federal Member for North Sydney Treasurer from 18.9.13 to 21.9.15s lightning rod to collect more tax from overseas technology giants.But has the Treasurer bitten off more than he can chew?There hasnt been much complaining about the system in Norway. But Norway is a relatively small place. Anil KuruvillaThomson Reuters senior taxation expert Anil Kuruvilla says drafting law to broaden the goods and services tax (GST) to overseas digital companies, such as Netflix, was easy. The challenge, he said, will be collecting the cash.
“A lot of people are going to focus on what the legislation and laws are but … at the end of the day if a company collects all the money and theyre holding it in your bank account and there is no way to get it to you and there is no way to file a return, then you fail,” Mr Kuruvilla said.
“Who wins there?”
Mr Hockey suggested earlier this month collecting GST from overseas companies that sell movie and music downloads and streaming services as well as the lowering the current sub-$1000 exemption for goods bought offshore, saying it could boost government coffers by billions of dollars.