With total revenue’s of A$405,696,381,00.00 more than 570 of Australia’s largest corporations paid NO Tax in 2013-2014.
Who are they?
Start with QANTAS AIRWAYS LIMITED (revenue A$14,904,300,000.00) and finish with FUJI XEROX ASIA PACIFIC PTE LIMITED.
Would you expect that these corporations paid NO TAX?
Lend Lease Corporation, Energy Australia, Bluescope Steel, Mitsubishi Development, Glencore Investments, General Motors Australia, Hewlett Packard South Pacific, Transfield, Burns Phillip, Nissan Motor, Mitsubishi Motors, David Jones, Foxtell, Mirvac, Nine Entertainment, Stockland, Sandvick, GE Captial, Honda, TNT, Lawrence and Hanson, Goldman Sachs, RACV, Barclays Bank, NRMA, Bridgestone, Credit Suisse, Norco, NEC, James Hardie, Goodman, Acer Computers, AV Jennings, Washington H Soul Patterson, Dow Chemicals, Penrith Rugby League Club, Hilton International, American Express, KMG, Catapillar, McWilliams Wine, Nikon Australia, Amaysim, Nokia, Iselect, Bank of Scotland, Couriers Please.
This link provides the full list of those 570 Corporations and their revenues. PDF Download
Are they all so poorly run that they are unable to pay Australian tax? I think not. More facts shortly.
While there is an absolute denial that political donations have no sway on policy or political decisions, the list of 2013-2014 political donors makes for a fascinating read.
Use this Link to view the Political Donor List Spreadsheet and
this Link to Download the Political Donor List PDF.
Following requests the Full Political Donor List has now been published
Tax paid by FTSE 100 firms ‘falls by nearly a quarter since 2010’
Richard Denniss in his article Spreadsheets of Power stated that “You have probably heard that mining creates a lot of â€œindirect jobsâ€ in construction, manufacturing and retail.
You may not have heard that building hospitals and employing nurses would have exactly the same indirect benefits.
Mining isn’t the only industry that can create indirect jobs, it’s just the only industry that spends millions of dollars each year paying economists to estimate such benefits and millions more spruiking them to the media. In most cases, economic modelling isn’t used to help us understand the costs and benefits of major projects or policy changes.
It is used to conceal them.
Rather than outline and discuss the wide range of winners and losers, debate the pros and cons, and make transparent decisions, economic modelling allows all of the messy bits to be hidden.” Richard Denniss is the chief economist at the Australia Institute.
ICIJ Key Findings 9 Dec 2014
- Pepsi, IKEA, AIG, Coach, Deutsche Bank, Abbott Laboratories and nearly 340 other companies have secured secret deals from Luxembourg that allowed many of them to slash their global tax bills.
- PriceWaterhouseCoopers has helped multinational companies obtain at least 548 tax rulings in Luxembourg from 2002 to 2010. These legal secret deals feature complex financial structures designed to create drastic tax reductions. The rulings provide written assurance that companies tax-saving plans will be viewed favorably by Luxembourg authorities.
- Companies have channeled hundreds of billions of dollars through Luxembourg and saved billions of dollars in taxes. Some firms have enjoyed effective tax rates of less than 1 percent on the profits they have shuffled into Luxembourg.
- Many of the tax deals exploited international tax mismatches that allowed companies to avoid taxes both in Luxembourg and elsewhere through the use of so-called hybrid loans.
- In many cases Luxembourg subsidiaries handling hundreds of millions of dollars in business maintain little presence and conduct little economic activity in Luxembourg. One popular address 5, rue Guillaume Kroll is home to more than 1,600 companies.
- A separate set of documents reported on by ICIJ on Dec. 9 expanded the list of companies seeking tax rulings from Luxembourg to include American entertainment icon The Walt Disney Co., politically controversial Koch industries and 33 other firms. The new files revealed that alongside PwC tax rulings were also brokered by Ernst & Young, Deloitte and KPMG, among other accounting firms.