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Australian companies sent almost $60 billion to related parties in tax havens in 2012, with payments to Singapore and Ireland featuring high on the list, according to new data.
The data, never before released by the Australian Tax Office, provides an insight into how multinational groups shuffle money between countries and comes amid an international push to halt the use of tax havens by major corporations.
Due to their low tax rates, Singapore and Ireland are used by multinationals, especially technology companies such as Google and Apple, as locations for sales hubs or corporate headquarters.
In 2012 almost $40 billion was sent to Singapore, which led the payments table despite being
Read more: http://www.smh.com.au/business/sing...tax-dodgers-20140430-37hzi.html#ixzz30QCy9Ic0
The data, never before released by the Australian Tax Office, provides an insight into how multinational groups shuffle money between countries and comes amid an international push to halt the use of tax havens by major corporations.
Due to their low tax rates, Singapore and Ireland are used by multinationals, especially technology companies such as Google and Apple, as locations for sales hubs or corporate headquarters.
In 2012 almost $40 billion was sent to Singapore, which led the payments table despite being
Read more: http://www.smh.com.au/business/sing...tax-dodgers-20140430-37hzi.html#ixzz30QCy9Ic0
