A report by lobby group GetUp has exposed the loopholes used by corporate tax dodgers.
Closing the Caribbean Connection found:
- Australia lost $5.37 billion to corporate tax dodging from just 76 foreign multinationals in 2013 and 2014
- these billionaire corporations pay a lower effective tax rate than your average nurse
- big pharmaceutical corporations paid the lowest effective tax rate at just 5.7 percent, compared to 7.5 percent for high-tech corporations and 20 percent for energy corporations
- there are two major loopholes that are being exploited by multinational corporations: Debt Loading and Profit Alienation, and effective policy solutions to both of these loopholes have recently been implemented in Hong Kong and Britain.
To view the report and download an email template to contact your MP, click HERE