Tax lost as $16bn profits go offshore

Original article by Adam Creighton
The Australian – Page: 19 : 19-Jun-18

Profit-shifting by multinationals is estimated to cost Australia about $A5.4bn a year in foregone corporate tax revenue, according to international research. Economists from the University of California, Berkeley and the University of Copenhagen concluded that Australia loses about seven per cent of its corporate tax revenue due to the practice of shifting profits to tax havens. The research is based on data from 2015, which precedes Federal Government initiatives such as its Diverted Profits Tax and the Multinational Anti-Avoidance Law.

CORPORATES
UNIVERSITY OF CALIFORNIA, BERKELEY, UNIVERSITY OF COPENHAGEN, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, GOOGLE INCORPORATED

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