Major corporations and multinational companies are dodging up to $3.5 billion in company tax every year, according to new figures released by the Australian Taxation Office (ATO) on October 11. After audit checks by the ATO, this figure could be reduced to $2.5 billion.
French economist Thomas Piketty argued in his bestselling book Capital in the Twenty-First Century that capitalism arose from feudalism and is in many ways reverting to it.
US multinational energy corporation Chevron faces an increased tax bill of $340 million after losing an appeal against the Australian Taxation Office (ATO), over a landmark profit-shifting case.
The full Federal Court on April 21 unanimously upheld a previous decision that Chevron engaged in illegitimate transfer pricing by paying a higher rate of interest on a loan from its subsidiary to shift profits from Australia to the US.