Mar 21, 2017

Google and Facebook now paying full tax, Australia says

Changes to the tax system will raise an extra 2bn Australian dollars in this tax year, it said. Firms were told if they did not pay what was due they would be taxed at a penalty rate of 40%. Australian Treasurer Scott Morrison said the government had given the Australian Taxation Office "The power, the resources and the penalties to get the job done". He said that Australian tax authorities were currently conducting 71 audits involving 59 major global corporations. When the Multinational Anti-Avoidance Law was proposed in early 2015, the government said there were 30 global corporations that paid little or no tax on the profits from their Australian operations. The Australian Tax Office was given a 1,000-person strong team of tax avoidance specialists to focus on large companies and wealthy individuals avoiding tax.

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