Economy

ExxonMobil, Chevron, Shell paid no tax in Australia for 2016

ExxonMobil, Chevron, Shell paid no tax in Australia for 2016

The report provides data on 2,043 entities, comprised of 1,693 Australian public and foreign-owned companies with an income of at least AUS 100 million (USD 75.12 million) and 350 Australian-owned resident private companies with an income of AUS $200 million (USD 150.24 million) or more.

Among the companies that have previously come under scrutiny for the amount of tax they pay locally is Microsoft, which paid $42.3 million in tax from taxable income of $141 million and total income of $776.5 million.

Google paid $16 million in tax on a taxable income of $122 million while claiming it earned $502 million in income.

Australian startup darling Atlassian, which undertook its initial public offering on the Nasdaq in December 2015, reported income of AU$599.7 million, and despite AU$87.4 million of the income being taxable, the company has no figure registered in the "tax paid" column of the ATO's report.

Australia's statutory corporate tax rate is 30 per cent, a rate the government wants to reduce to 25 per cent.

Glencore Investments declared $18.3 billion in income but not a cent in tax.

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It's costing tax payers $2.5 billion.

Seven West Media paid $53.5 million on a taxable income of $199 million. "Even companies with very high total income sometimes make losses. there are many legitimate reasons why this might be the case".

It was the third year in a row that the firm had not paid tax despite earning more than $8 billion in income over the period.

The Australian government legislated a new Diverted Profits Tax (DPT) in March, which is meant to prevent the practice of multinational organisations shifting profits made in Australia offshore to avoid paying tax.

In the coming years, according to Hirschhorn, the ATO's data is expected to reflect an estimated $7 billion each year of increased sales returned in Australia as a result of the operation of the MAAL and the restructures made by companies to avoid paying the DPT.

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