Australia's Labor party has reportedly proposed increased penalties for multinational's that fail to submit a Country-by-Country (CbC) report when required. Under Australia's CbC reporting rules, MNE groups operating in Australia are required to submit a CbC report if the annual consolidated revenue of the group exceeds AUD 1 billion. Penalties for failing to comply with the requirement would currently only be up to AUD 5,400. Under the Labor party proposal, the penalty for failing to submit …