Delicious/delimiterau
- Earning billions and getting taxed a pittance
- Dell chief defends transfer pricing
- Qantas tech exec shifts to Jetstar
- Zurich Australia leads regional thin client push
- Early investors drop Facebook
- Victoria kills HealthSMART IT project
- Woz not great - mUmBRELLA
- Santos' thin client starts big-data plans
- Nokia Lumia 800 revs up at Bridgestone
- Telstra privacy breach was 'one little oops'
Posts Tagged ‘revenue’
Featured, Internet, News - Tuesday, May 22, 2012 12:38 - 18 Comments
Turnbull concerned by Google, Amazon tax offshoring
news International technology companies such as Google, Facebook and Amazon may not be paying their fair share of Australian tax, Shadow Communications Minister Malcolm Turnbull said this week, with local tax laws not having caught up yet with the challenges of the digital environment.
In early May, Google Australia revealed that it expected to pay just $74,000 in corporate income tax for the 2011 calendar year in Australia, off claimed local revenues of $201 million, despite the fact that industry estimates have continually pegged the search giant’s Australian income at closer to $1 billion. The remainder of the company’s incoming is believed to be funnelled through its Irish subsidiary. Ireland is believed to offer Google a more favourable tax environment for its global revenues than countries such as Australia or the US.
In an article published on his website late yesterday, Turnbull said an important long-term issue in terms of Australian public policy was “the erosion of our tax base due to the growing significant of online commerce and offshore-domiciled service providers in many sectors and markets”. “Many transactions which previously generated economic activity and tax revenue in Australia no longer do so,” the Liberal MP wrote.
- Google Australia: ~$1bn in revenue, $74k in tax
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