TAX PLANNING

Global tax avoidance operation nets $5.2b

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Original article by Tom McIlroy
The Australian Financial Review – Page: 9 : 10-Nov-21

The Tax Inspectors Without Borders program has collected $US3.9bn ($5.2bn) globally in its crackdown on tax evasion and avoidance. This includes nearly $US1bn ($1.35bn) in tax revenue in Africa and almost $US300m ($405m) across Asia. The joint initiative of the OECD and the United Nations is focused on tax avoidance in developing countries. The Australian Taxation Office’s own tax avoidance task force raised $3.03bn in tax liabilities and almost $1.3bn in cash collections in 2020-21, while it is estimated that the introduction of a global 15 per cent minimum company tax rate could boost Australia’s tax revenue by up to $3bn a year.

CORPORATES
ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, UNITED NATIONS, AUSTRALIAN TAXATION OFFICE

Crackdown on tax could backfire

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Original article by Ben Potter, Joanna Heath
The Australian Financial Review – Page: 1-Dec : 7-Nov-14

The Group of 20 (G20) will soon discuss the global anti-tax avoidance proposals of the OECD. Australia and the US have become cautious about the plans. There are concerns among business figures and some governments that the OECD’s efforts against base erosion and profit shifting by multinationals could have unforeseen effects. For instance Richard Goyder, head of Wesfarmers, warns that measures to curb tax avoidance by multinationals could unintentionally weigh heavily on Australian tax revenue from mining exports to Asia

CORPORATES
WESFARMERS LIMITED – ASX WES, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, GROUP OF TWENTY (G-20), AUSTRALIAN TAXATION OFFICE, GOOGLE INCORPORATED, AMAZON WEB SERVICES LLC, KPMG AUSTRALIA PTY LTD, BHP BILLITON LIMITED – ASX BHP, AUSTRALIA. DEPT OF THE TREASURY, BHP BILLITON LIMITED – ASX BHP, AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN GREENS, AUSTRALIA. FUTURE FUND MANAGEMENT AGENCY, APPLE INCORPORATED, ASX LIMITED – ASX ASX, BUSINESS 20 (B20), AMP LIMITED – ASX AMP, MACQUARIE GROUP LIMITED – ASX MQG, LEND LEASE GROUP LIMITED – ASX LLC, GOODMAN GROUP – ASX GMG