Multinational giants Apple, Google and Amazon are set to be the focus of a Senate Inquiry into untaxed profit schemes.
Greens Senator Christine Milne moved a motion on Thursday to have the Australian operations of some of the world’s leading companies examined over large-scale tax minimisation set for June next year.
Apple leads the way in Australian tax avoidance, reportedly having paid just $193 million in tax on the $27 billion the company has made from tech products since 2002, using shifty techniques to move billions offshore while only paying 0.7 percent turnover on its makings during the span.
Senator Milne’s motion via Gizmodo:
“I move—That the following matter be referred to the Economics References Committee for inquiry and report by the first sitting day of June 2015:
Tax avoidance and aggressive minimisation by corporations registered in Australia and multinational corporations operating in Australia, with specific reference to:
– the adequacy of Australia‘s current laws;
– any need for greater transparency to deter tax avoidance and provide assurance that all companies are complying fully with Australia‘s tax laws;
– The broader economic impacts of this behaviour,
– beyond the direct effect on government revenue;
– the opportunities to collaborate internationally and/or act unilaterally to address the problem;
– the performance and capability of the Australian Taxation Office (ATO) to investigate and launch litigation, in the wake of drastic budget cuts to staffing numbers;
– the role and performance of the Australian Securities and Investments Commission in working with corporations and supporting the ATO to protect public revenue;
– any relevant recommendations or issues arising from the Government‘s White Paper process on the ‘Reform of Australia‘s Tax System’.
Treasurer Joe Hockey this week urged the Australian Taxation Office to target the release of the Apple iPhone 6 and its attached location specific profits, which sees Australians pay a 9 percent greater premium (between $68 and $82 on each purchase) than the US.
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