OFFSHORE PROFITS
Global firms hit with Australian tax
Australia has slapped seven large multinationals with a multibillion-dollar tax bill as it pursues global firms shifting profits offshore
Sydney — Australia has slapped seven large multinationals with a multibillion-dollar tax bill as it pursues global firms shifting profits offshore. The companies hit with the A$2.9bn (R30.4bn) bill were not named although miner Rio Tinto said late on Wednesday it was required by the Australian Tax Office to pay additional tax of A$447m including interest. The government said four of the firms were involved in e-commerce and three in the energy and resources sectors. Companies including Apple, Google and BHP Billiton were grilled at parliamentary hearings on their tax structures in 2015. "Our multinational tax laws are having an impact and we now have one of the toughest, if not the toughest, antiavoidance tax regimes in the world," treasurer Scott Morrison said. Canberra has vowed to crack down on tax avoidance by multinationals, introducing laws that include stronger protection for whistle-blowers and harsher penalties for failure to meet compliance requirements. AFP
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