On April 6, Australian Treasurer Scott Morrison said that Australia can claim $2.9 billion from seven audits of multinational companies, which are expected to be finalized before July. However, Morrison did not disclose the names of the companies.
Earlier in March 2017, the Commissioner of Taxation, Chris Jordan, informed that Australian Tax Office (ATO) observed positive changes in behavior from taxpayers and advisors, while notifying that at least seven major multinational audits are expected before July. He said that at least seven major multinational audits are expected to come to a head before June 30, 2017, four in e-commerce and three in the energy and resource industries.
During his speech, Morrison did not disclose the names of the companies. Treasurer Scott Morrison said that ATO makes sure that multinationals pay their fair share of tax. He said it is important that "Australian citizens get the tax from the profits earned in Australia from Australian customers that is needed to fund vital infrastructure and services here in this country."
The ATO had issued amended tax assessments for the calendar years 2010 to 2013 for Global miner Rio Tinto. The ATO requires the company to pay A$447 million including interest. "However, Rio said the amended assessments did not relate to any tax avoidance schemes as confirmed by the ATO, and instead involved transfer pricing arrangements between Rio entities in Australia and Singapore," Reuters reported.
Global Tax Controversy - Workshop for Corporates
Global Event - Thursday, June 21, 2018 | 9:00 AM - 6:00 PM (CET)
How Much Automation Of Tax Flows Is Possible?
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With the fast growth of China’s economy and the continuous improvement of the comprehensive strength of domestic enterprises, as well as the implementation of the “One Belt, One Road” policy, an increasing amount of Chinese enterprises are beginning to expand their global footprint and establish their presence in Europe.
TPA Global has developed a practical roadmap of 6 steps meant to guide CFOs in their Journey of rising above troubles to reach a situation of full control. These steps are presented in a series of short video clips (3-5 minutes):
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