The corporate tax avoidence continues while our big business sponsored Turnbull Government proposes to reward these tax dodgers by a 5% tax cut!
What are we?
mce-anchorTax lost as $16bn profits go offshore
The Australian - Page 19 : 19 June 2018
Original article by Adam Creighton
"Profit-shifting by multinationals is estimated to cost Australia about $A5.4bn a year in foregone corporate tax revenue, according to international research. Economists from the University of California, Berkeley and the University of Copenhagen concluded that Australia loses about seven per cent of its corporate tax revenue due to the practice of shifting profits to tax havens. The research is based on data from 2015, which precedes Federal Government initiatives such as its Diverted Profits Tax and the Multinational Anti-Avoidance Law."
It is quite tragic when foreign agencies have to point out the ATO's ineptness in collecting these taxes. Just imagine if you or I rorted the system like this. We'd have the roof sold over our heads and a long stretch in jail.
