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Tech giants front Australia Senate tax avoidance inquiry

Australian Senate to grill local representatives of the big three tech giants today
By: Ben Gourlay | Business, Financial & Legal News | Posted: Apr 7, 2015 11:56 pm

The Australian Senate inquiry into corporate tax avoidance continues this week, and today will welcome tech giants Apple, Microsoft and Google to expand on their previously supplied written submissions and grilling by the six Senate Standing Committees on Economics members.

 

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In 2013, Google paid just $7.1m AUD in corporate tax on revenues of $358 million, while Apple paid $80 million to government on $6b in revenue. Both companies remain adamant that they fully comply with all Federal tax obligations in their written submissions which can be viewed here.

 

Last year, a report by the Australian Financial Review detailed Apple Corporations tax minimisation strategy, which is alleged to be responsible for funneling up to $9B in profit to the Ireland based tax haven over a number of years.

NEWS SOURCES:Smh.com.au, Aph.gov.au, Afr.com

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