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Posts Tagged ‘tax evasion’
Internet, News - Friday, November 23, 2012 11:39 - 54 Comments
news The Australian Government has outlined a series of new legislative initiatives with which it will attempt to protect its corporate tax base and rein in the tax minimisation strategies of corporations such as search giant Google, which expects to pay just $74,000 in corporate income tax for the 2011 calendar year in Australia, despite making an estimated $1 billion in local revenue.
The tax practices of corporations such as Google have been under constant scrutiny in Australia and in other jurisdictions over the past several years, due to the habit several such technology giants have of using offshore subsidiaries to avoid paying tax in some countries. For example, in May Google Australia published financial accounts revealing it expected to pay just $74,000 in local tax for the calendar year, off revenues of just $201 million – despite the fact that media analysts consistently peg its Australian revenue at closer to $1 billion.