More profit-shifting to Singapore: report
Internal documents from the Australian Taxation Office indicate an energy company operating in Australia transferred more than $11 billion to low-taxing Singapore, according to Fairfax Media.
The report says the documents, secured under freedom of information, underline concerns that multi-nationals operating in Australia are dodging their tax obligations.
The document lists 10 companies that pumped a combined $31.4 billion from Australia to Singapore in the 2011-12 financial year.
This week, Treasurer Joe Hockey gave strong signals that the government would target multi-nationals that shifted profits offshore in the upcoming budget.
