From 30 bucks to $11b: How the ATO got oil and gas companies to pay more tax

  • 📰 brisbanetimes
  • ⏱ Reading Time:
  • 28 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 67%

France Nouvelles Nouvelles

France Dernières Nouvelles,France Actualités

Earnings from energy and mineral exports reached record highs in the last financial year. The ATO says a crackdown helped increase oil and gas tax payments.

Oil and gas companies have gone from paying little tax to being among the biggest taxpayers in the country following the government’s successful legal fight against resource giant Chevron and a taskforce crackdown.

“Even on a conservative estimate, around $4.4 billion of tax collections in the 2023 year was directly due to the ATO’s earlier interventions in the oil and gas sector.” Related party finance is where the local entity of a multinational firm borrows funds from an offshore counterpart which sets artificially high interest rates, which in turn lets the Australian branch claim higher tax deductions.“It’s a mechanism that can be used by multinationals to decrease the tax payable in Australia, and it’s quite a common one,” Saint said.

Nous avons résumé cette actualité afin que vous puissiez la lire rapidement. Si l'actualité vous intéresse, vous pouvez lire le texte intégral ici. Lire la suite:

 /  🏆 13. in FR
 

Merci pour votre commentaire. Votre commentaire sera publié après examen.

France Dernières Nouvelles, France Actualités

Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.

More than 800 large companies paid no tax in 2021-22, Australian Taxation Office revealsMore than 800 large companies paid no tax in 2021-22, an Australian Taxation Office (ATO) report reveals. Here's the ATO's full list.
La source: abcnews - 🏆 5. / 83 Lire la suite »