Big business avoids tax, yet wants to lower rate

edward222 · Sep 29, 2015

Credit to: Tax News : Big business avoids tax, yet wants to lower rate

One in five corporations with annual profits greater than $100 million paid no tax last year, the Australian Tax Office has revealed.

Michael Cranston, one of the ATO’s deputy commissioners, revealed the figure to a Senate hearing into corporate tax avoidance.

Corporations avoid paying tax by what is euphemistically called profit-shifting. Basically, they move profits overseas to tax havens in places like Singapore, Switzerland, Ireland or Vanuatu. An ATO report last year found that, in 2011-12, more than $60 billion was moved to tax havens.

An Australian Financial Review investigation last year found that Google alone shifted “an estimated $8.9 billion in untaxed profits from its Australian operations to a tax haven structure in Ireland in the last decade”.
Click to expand...

Wondering if Amazon is also doing this, hope not.

Big business avoids tax, yet wants to lower rate

edward222 Active Member

Share This Page