The ATO's ninth corporate tax transparency report, which covers 2,713 corporate entities, found that while the amount of tax collected increased due to skyrocketing mining company profits and higher oil prices, there were still 831 that did not pay a cent of tax.
This was $15.2 billion higher — up 22 per cent — from the previous year, and almost 50 per cent higher than two years ago, the agency said. Since the Tax Avoidance Taskforce was set up by then-treasurer Joe Hockey in 2016, the government had collected $27.7 billion in additional tax revenue from multinational enterprises, and large public and private businesses.
In terms of how much of the $1.5 billion of assessments is in dispute from 2020, it said "$965 million remains in dispute covering 12 different taxpayers". "The fact that an entity pays no income tax, does not necessarily mean that they are not meeting their obligations," Ms Saint said. "The net income tax gap for large corporate groups is about 4.2 per cent or $3 billion in 2020-21," the agency said.There are 11 entities in the 2021-22 PRRT transparency population, with total petroleum resource rent tax payable of almost $2 billion.The number of entities paying PRRT increased from 10 in the previous year, and PRRT payable increased from $926 million.
United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: FinancialReview - 🏆 2. / 90 Read more »