Australia targets alleged tax avoidance by Apple, other multinationals

“Australia will force corporate giants such as Google Inc and Apple Inc to disclose their tax arrangements in an effort to curb alleged tax avoidance by multinational corporations,” Rob Taylor reports for Reuters. “In Australia, multinationals including the local arm of Google have been accused of shifting income to countries such as Holland or Ireland where tax rates are lower.”

“‘This should not be a guessing game,’ Assistant Treasurer David Bradbury told Reuters after releasing measures that would require about 2,000 large and multinational businesses, including miners BHP Billiton and Rio Tinto with yearly revenue of A$100 million ($104.60 million) or more, to have their tax details published by the government,” Taylor reports. “Australia’s minority Labor government last year released draft revisions to tax laws to stop profit shifting in line with a push by Britain and Germany, and discussions last year within the Group of 20 wealthy nations.”

Taylor reports, “Australia’s corporate tax rate is 30 percent, compared with Ireland’s rate of 12.5 percent. Some major companies including Rio Tinto have already begun publishing tax details, expanding on information in existing financial statements.”

Read more in the full article here.

MacDailyNews Take: Hopefully, it’s not just “alleged.” In the best interests of their shareholders, Apple should be doing all the tax avoidance they possibly can, wherever they can.

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Paris-based OECD urges international tax clampdown on Apple, other multinational corporations – February 12, 2013
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Google, Apple, eBay shouldn’t pay taxes – people should pay taxes – November 25, 2012
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Apple’s showdown with the U.S. government over taxes on offshore cash – July 13, 2012
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Apple: Good start; and what about the overseas cash? – March 19, 2012
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Senator John McCain eyes Apple’s $54 billion overseas cash pile – November 3, 2011
Google joins Apple in push for U.S. repatriation tax holiday – October 3, 2011
Apple lobbies Obama for tax holiday, wants to bring overseas bounty home – August 24, 2011
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    1. 30%? Luxury!
      The top tax rate for individuals is 45c/$ (over $180K). Average full-time male salary in Australia (Q1, 2012) was just under $75K, so the rate at that level is “only” 32.5c/$. Plus there’s the Medicare levy of 1.5% on top of that, which funds the “socialist medical system”. Plus the (effectively required) private health cover, which Medicare was supposed to be… It’s an expensive place to live, and it costs a lot to keep it running. AND it’s as big as the USA or Europe (see Stop your whining! And get off my lawn! Dang kids…

  1. If they were smarter than a rock, Australia’s would cut their corporate tax rate to less than Ireland’s rate and Apple would be paying Australia the taxes for orders placed in other countries. Which is bigger, orders from inside Australia or maybe 1/4 of the world’s orders? Idiots! Ireland understands how to get OTHER COUNTRIES TAXES!

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