Tax Avoidance by US multinationals costs Australia
A new report, released in Europe, highlights the need for governments around the globe to urgently address international corporate tax system loopholes. The report is timely, given the Turnbull Liberal Government’s current tax reform agenda. The report, ‘Still Broken’, illustrates how United States corporations have avoided an estimated $US1.45 billion of tax in Australia each year by shifting their profits to low or no tax countries. ‘Still Broken’ is a joint report by the Tax Justice Network, Oxfam, Global Alliance for Tax Justice
and Public Services International based on a research paper conducted by Alex Cobham and Petr Janský, The Scale of BEPS: estimating the scale of global corporate tax cheating. (November 2015).