“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 ($104.60 million) or more, to have their tax details published by the government,” Taylor reports. “Australia’s minority Labor government last year released draft revisions to tax laws to stop profit shifting in line with a push by Britain and Germany, and discussions last year within the Group of 20 wealthy nations.”
Taylor reports, “Australia’s corporate tax rate is 30 percent, compared with Ireland’s rate of 12.5 percent. Some major companies including Rio Tinto have already begun publishing tax details, expanding on information in existing financial statements.”
Read more in the full article here.
MacDailyNews Take: Hopefully, it’s not just “alleged.” In the best interests of their shareholders, Apple should be doing all the tax avoidance they possibly can, wherever they can.
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The parasitic Australians are following the EU model of extending their fangs to honest American corporations to draw more blood.
If a company makes money by selling goods or extracting minerals in Australia, then they need to pay their fair share of tax to the Australian Government.
Thanks for the daily giggle you retard.
30% corporate tax rate. No wonder Australia is a bit player like other 30% corporate tax rate greedy countries.
Socialism is a terrible disease.
If multinationals aren’t paying tax, then how do higher prices result because of a ‘higher’ tax rate?
30%? Luxury!
The top tax rate for individuals is 45c/$ (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 http://growingaware.com/My%20Travels%20Map.HTM). Stop your whining! And get off my lawn! Dang kids…
So why are products more expensive in Australia than other parts of the world … Could it have anything to do with higher tax rates?
Tax “avoidance” is good. It is all done within the laws of the land. What’s the problem Australia?
If there are laws that say that you don’t have to pay taxes, it is not tax avoidance. It is Australia’s own laws.
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!
The government in Australia just wants more money (as everyone’s does) because its an election year and has been talking about getting back into the deficit.