Business
Multinational corporations dispute billions in tax bills as ATO profit shifting crackdown ramps up – ABC News
The Australian Taxation Office is using its suite of powers to fight multinational profit shifting, worried that more large companies are imitating aggressive tax structures used by American tech giants.
Almost 200 companies have been hit with $2.5 billion in tax bills over the past financial year alone, after using tactics including mispricing loans and channelling income into low-tax jurisdictions such as Singapore.
Key points:
- The ATO is hitting more companies with tax bills after witnessing continued use of aggressive tax structures
- A key issue is companies failing to account for value created in Australia, such as intellectual property
- The tax disputes come as more…
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