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grindstone cowboy

23,767 Posts.

186

07/06/22

21:43

Post #: 61879158
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Originally posted by madamswer: ↑

“Unfortunately the vast gas deposits the country is blessed with are all tied up in contracts that are making us eyewatering profits,” said one board member for Santos, a company that paid next to no income tax on 23 billion dollars of income over a few years.

$23bn dollars of income, eh?
And no tax paid on that stupendous profitability?

Santos' Profit-Before-Tax and Tax Expense history:

View attachment 4420198
[Source: Audited Financial Statements]

Actual Facts: One
Hyperbolic Shillery: Nil

"Unfortunately the vast gas deposits the country is blessed with are all tied up in contracts that are making us eyewatering profits, under the surface of the earth due to bans on exploration and development” said one board member for Santos, a company that paid next to no income tax on 23 billion dollars of income over a few years$2.6bn in tax on $4.6bn in Pre-Tax Income, so an effective tax rate of 56%."

There.
I fixed it for you.

.

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why are they paying 56% tax when the company tax rate is more like 30%? Do they need a new auditor?
5 Upvote

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