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Coalition says kidnap risk means wealthy need tax reporting exemptions

Abbott government wants to exempt 1,000 private companies from tax transparency measures, partly because of claims of abduction threats

The Abbott government is pressing ahead with plans to exempt about 1,000 Australian-owned private companies from tax transparency measures after claims wealthy owners could face kidnapping threats.

After the kidnapping suggestion was raised at a Coalition party meeting in March, the government confirmed it was looking to amend the disclosure rules in part due to concerns about risks to personal safety.

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