(Australian Associated Press)
Many of Australia’s largest multinationals pay less than half the corporate tax rate, new research suggests.
A University of Technology Sydney report says 76 of the top 100 multinationals in Australia pay an effective tax rate of 16.2 per cent thanks to practices that include transferring profits to parent companies in the form of loan repayments.
“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,” said Daney Faddoul, a campaigner with advocacy group GetUp, which released the report.
GetUp is urging the government to close tax loopholes.