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 Institutional extortion: Tax crackdown targets big OZschwitz firms

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PostSubject: Institutional extortion: Tax crackdown targets big OZschwitz firms   Institutional extortion: Tax crackdown targets big OZschwitz firms Icon_minitimeFri Apr 04, 2014 7:49 pm
An Australian Tax Office crackdown on ''corporate tax erosion'' has revealed that at least three major multinational technology companies are paying ''very low or no taxation'' in Australia.

Institutional extortion: Tax crackdown targets big OZschwitz firms 04lwtax_20140404211854388602-620x349

Tax audits of the three high-tech companies could see them hit with large tax bills.

The Tax Office is targeting large companies shifting local profits overseas to minimise tax, costing billions of dollars in lost revenue.

At the same time the Tax Office has announced the formation of a giant fraud-busting unit of 2200 public servants designed to intimidate large-scale local tax avoiders.

Deputy Taxation Commissioner Greg Williams says the new division will seek to change the behaviour of companies and individuals through high-profile tax busts.

The unit will work with police, the Immigration Department and welfare agencies to step up operations against complex rackets such as those run by some labour hire firms supplying undocumented foreign workers.

Read more: http://www.smh.com.au/business/the-economy/tax-crackdown-targets-big-firms-20140404-3647c.html#ixzz2xxroLrjQ
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