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The data forms the basis of a new report that examines the financial records of the top 100 multinational corporations operating in Australia, based on research by tax experts at the University of Technology Sydney.
The report reveals:
The report finds that multinational corporations shift billions of dollars in profits offshore, while hard-working Australians are left to pick up the pieces, said Daney Faddoul, Senior Campaigner at GetUp.
“If just 76 multinationals were able to reduce their tax bill by $5.37 billion, imagine what the total lost revenue would be from the many thousands of corporations operating in Australia.”
“Everyday Australians are paying tax at a higher rate than billionaire corporations like Chevron, Apple and Google. These foreign multinationals are inflating their losses and shifting their profits to rob Australia of crucial investment in our local hospitals and schools.”
“The report offers concrete, actionable solutions to rampant corporate tax dodging, setting the bar for a corporate tax crackdown in Mr Turnbull’s May Budget.”
“Prime Minister Turnbull faces a choice: he can further the agenda of tax dodging multinationals, or he can ensure our kids are getting the best education possible and provide quality healthcare for all Australians.”
The report discusses two stand-out techniques favoured by large foreign multinational corporations operating in Australia. ‘Debt loading’ used by dirty energy corporations, and ‘profit alienation’ by pharmaceutical and hi-tech firms.
Recommended solutions include:
To access the Summary Report: https://www.getup.org.au/caribbean-connection-summary