Category: Rio Tinto

BHP Billiton has evaded taxes for more than a decade, says Wayne Swan

Former Labor treasurer Wayne Swan has accused one of Australia’s biggest companies of evading taxes for more than a decade, and for lying to the former Labor government during the height of the mining tax debate. Swan used parliamentary privilege on Wednesday to claim BHP Billiton had been “gaming the...

Top corporate players sign up for voluntary tax code

Twenty of the nation’s largest companies have voluntarily signed up to a comprehensive new code to disclose more details of their tax affairs in their latest ¬annual accounts following a series of scandals involving local and offshore firms. In the May budget, the federal government announced it was committed to...

Wesfarmers urges Aldi to sign tax code in ‘corporate peer pressure’

Coles has urged its German rival Aldi to sign up to a new tax transparency code that will lead to more big businesses, particularly multinationals, releasing detailed information about the tax they pay. Aldi has yet to sign up to the Voluntary Tax Transparency Code, which targets more than 1500...

Australia to gain from Singapore joining OECD fight against multinational tax avoidance

Multinationals suspected of routing Australian profits via Singapore will be outed to tax authorities, with the low-tax nation this week signing up to the global plan to fight tax evasion. Companies including big miners BHP Billiton and Rio Tinto as well as technology giants Apple and Google, have admitted using...

The tax cut we have to have

Australia must not be blown off course from getting a company tax rate closer to 20 per cent. Corporate tax transparency figures released in December by the Australian Taxation Office should not slow momentum. For the first time, the ATO reported the tax affairs of companies with total incomes of...

Wayne Swan: Tax avoidance impoverishes us all. Fighting it requires challenging the powerful

few days before Christmas, in the full light of an Australian summer, the Australian tax commissioner published the tax details of 1,500 large corporate taxpayers which showed a staggering one-third of these companies paid no tax in 2014. This transparency measure was part of a wider package of ground-breaking legislation...

Australia lays bare corporate tax details

The Australian Government’s efforts to improve tax collections are more urgent amid falling revenue from weak commodity prices, the Wall Street Journal reports Malcolm Turnbull’s government took the rare step of making public the tax affairs of scores of multinationals, highlighting that many big names—including Apple Inc. and Volkswagen AG...

ATO to unveil large business hit list, clamps down on Singapore hubs

Hundreds of millions of dollars of revenue could be up for grabs as the Tax Office announces reviews of multinationals using offshore hubs in Singapore to minimise their tax. The ATO has issued a warning to multinationals to come forward immediately to discuss their overseas hub arrangements, if they have...

People are leaving fake price tags in IKEA to call out tax avoidance

Some people think popular furniture store IKEA is being naughty, and not paying its proper share of tax in Australia. The franchise is a behemoth, both literally in terms of store size and figuratively in that it collected a US$5 billion profit for the 2014 financial year. A community action...

Uber, Airbnb to be hauled before Senate inquiry into corporate tax avoidance

What does Uber mean for Canberra? Journalist Henry Belot explains how Uber will work in the ACT and what it means for passengers and drivers. Uber and Airbnb will be dragged before the Senate inquiry into corporate tax avoidance this week to face questions about tax structures that allow them...

Chevron tax dodge busted for $322 million

Profit-shifting has not paid off for petroleum multinational Chevron, slugged with a tax bill for $322 million thanks to a Supreme Court decision on Friday. Chevron has been under close scrutiny this year, particularly since a senate inquiry into tax-avoidance in April which also put mining giants BHP, Rio Tinto,...

Turnbull Government welcomes Labor’s support on laws targeted at MNCs tax evasion

The Turnbull government has welcomed the support of the Labor party for the new laws that will add more teeth to the government’s crackdown on multinational tax dodgers. The government also offered to consider the suggestions of the opposition in improving the scope of the legislation. Labor formally announced its...

Chevron tax filings challenged by US tax authorities, report says

Chevron’s tax filings face repeated challenges from the United States and other global tax authorities, according to a new union-backed report that calls on world governments to crack down on the energy giant’s alleged profit-shifting tactics. The world’s largest trade union body, the International Trade Union Confederation (ITUC), has called...

Tax avoidance crackdown: 1000 multinationals face tax squeeze under new rules

‘I’m not going to buy into that’ Joe Hockey refuses to feed speculation that he could be replaced as Treasurer by Scott Morrison under the new Prime Minister Malcolm Turnbull. Malcolm Turnbull’s first full day as PM: Live coverage Joe Hockey signals he’s ready to serve on Malcolm Turnbull’s frontbench...

What we know will be in the Senate inquiry’s interim report on multinational tax avoidance

The Senate inquiry into multinational tax avoidance will table an interim report today detailing some of its findings after holding five public hearings and receiving more than 100 submissions from some of the world’s largest companies including Apple, Microsoft, BHP, Rio Tinto and Google. The final report is due to...

ATO warns multinationals over use of Singapore, Swiss and other offshore hubs

The Australian Taxation Office has warned companies it will be focusing on money attributed to offshore marketing hubs and will use its stronger transfer pricing powers to go after them, reports the Sydney Morning Herald. Australian companies sent more than AU$100 billion to related parties in the low-tax nation of...

Airbnb, Amazon Land on French Senators’ Tax Radar as Sales Soar

France is trying to squeeze more out of web businesses like EBay Inc., Amazon.com Inc. and Airbnb Inc. Soaring online sales and the use of the Internet giants by smaller businessses as a marketplace for goods and services is prompting the French Senate to look for ways to collect more...

Singapore’s government says it’s not a tax haven, it’s a value-adding hub

Singapore is not a tax haven, it’s a value-adding hub. That is the claim of the island nation’s Economic Development Board, the Singaporean government agency that’s been charged with attracting business and investment. It has disputed recent claims at the Senate inquiry into corporate tax avoidance that it’s being used...

Tax boss rebukes Google, Apple and Microsoft over Senate inquiry eviden

Commissioner Chris Jordan delivers rebuke to multinational tech giants contesting evidence they gave to a Senate inquiry into corporate tax avoidance The tax commissioner, Chris Jordan, has delivered a public rebuke to multinational tech giants Apple, Google and Microsoft, vigorously contesting evidence they gave to a recent Senate inquiry hearing...

Let tax laws do their job: Mark Leibler

The nation’s most powerful and respected tax adviser has warned the Abbott government not to make a legislative “kneejerk” response to the current debate over multinationals shifting profits to avoid tax. Arnold Bloch Leibler senior partner Mark Leibler said today the current tough anti-avoidance provisions of the tax law should...

RPT-Commodity giants’ Singapore trading hubs under fire in tax probes

SINGAPORE, April 12 (Reuters) – The Singapore trading hubs of the world’s largest commodity companies are coming under scrutiny from the governments of some resource-producing countries who say they suspect they are using units in the Southeast Asian financial centre to avoid tax. Some of the world’s largest oil, mining...

Australian Senate tax grandstanding: A preparation for austerity

An Australian Senate parliamentary committee hearing on Wednesday was dominated by the fire and brimstone of Labor and Greens politicians directed against tax avoidance by major corporations. Labor Senator Sam Dastyari called on Australian Tax Commissioner Chris Jordan to “name some of Australia’s worst corporate offenders,” declaring that they “should...

Google says give R&D tax breaks to small techies, not big guys

Tax breaks for research and development should be targeted to smaller technology start-ups, rather than big companies that will most likely make the investments regardless of incentives, Google Australia will tell the senate inquiry into corporate tax avoidance. Google Australia’s managing director, Maile Carnegie, will be appearing before the inquiry...

Rupert Murdoch’s US empire siphons $4.5b from Australian business virtually tax-free

Rupert Murdoch’s media empire in the US has siphoned off $4.5 billion of cash and shares from his Australian media businesses in the past two years, virtually tax free. According to calculations by University of NSW accounting academic, Jeffrey Knapp, over the past 10 years, Mr Murdoch’s companies here have...

Rio Tinto says work to combat base erosion, profit shifting and tax avoidance could go too far and discriminate against multinational companies

Rio Tinto has warned that multinational companies could be discriminated against if moves to combat tax “base erosion and profit shifting” went too far. With Australia and the other 33 member nations of the Organisation for Economic Co-operation and Development ramping up efforts to prevent multinational companies avoiding tax, Rio...

Big companies need to tell the public how much tax they pay, says business lobby group CTA

The group that represents most of the ASX 200 on tax issues, the Corporate Tax Association, has emerged as a surprise advocate of increasing transparency about the amount of taxes big companies pay. The Corporate Tax Association’s submission to the inquiry into corporate tax avoidance said it had concerns about...

Australia won’t lose tax revenue to China: Frydenberg

New Assistant Treasurer Josh Frydenberg has dismissed concerns from business and tax experts that changing the international tax rules could result in Australia losing mining tax revenue to nations like China, describing it as a “furphy”. Mr Frydenberg has also raised Australia’s competitiveness internationally as a concern, saying corporate taxes...

Australia won’t lose tax revenue to China: Frydenberg

New Assistant Treasurer Josh Frydenberg has dismissed concerns from business and tax experts that changing the international tax rules could result in Australia losing mining tax revenue to nations like China, describing it as a “furphy”. Mr Frydenberg has also raised Australia’s competitiveness internationally as a concern, saying corporate taxes...