23 Jul, 2013
Treasure: Australian Tax system at risk – Sydney Morning Herald
The Treasury has admitted it is virtually powerless to stop multinational companies such as Apple and Google dodging tax, saying Australia must focus its efforts on an international crackdown led by the G20 and the OECD.
It warned that many of the risks posed by profit shifting by multinationals were underpinned by ”deeply entrenched features of Australia’s corporate tax system and policy developments” beyond Australia’s borders or control.
While Treasury acknowledged that data limitations made it difficult to quantify the erosion of the corporate tax base, it said the failure of international tax rules to keep pace with changes in global business posed ”significant risk” to Australia’s tax system.
Read the rest: Australian tax system at risk: Treasury.
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