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Posted: Mon 19:09, 16 Dec 2013 Post subject: Woorich That sometimes it can work against you |
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that sometimes it can work against you
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''They're still making good profits, and of course the question arises, well, is there some way we could pay a lower portion of tax on these profits?''On Monday, BusinessDay revealed that a new Tax Office taskforce would trawl through the contracts of suspicious subsidiaries and offshore accounts used by some of Australia's biggest companies.Mr Konza, who heads the taskforce, said while miners were by no means alone, it had become common for those in the resources sector to set up complex ''value chains'' that extended way beyond their [url=http://www.cdille.fr/category/louboutin-pas-cher/]louboutin pas cher[/url] operations in Africa or south east Asia and their headquarters in Perth.The British Virgin Islands and Bermuda are well known tax havens, but Fairfax Media has discovered that ASX 100 companies have no fewer than 22 subsidiaries registered in Mauritius, a tiny island in the Indian Ocean that often acts as a conduit for investment in Africa and India.''They'll say, OK well, yes we dig up the minerals here in Australia, but this company located in another country they're the ones that find the buyers,'' Mr Konza said.''So we wonder whether these functions really are being done in the other place.''Mr Konza said the Tax Office was scrutinising companies that established [url=http://cgi.ebay.com.au/ws/eBayISAPI.dll?ViewItem&item=140751362926]hogan sito ufficiale That mak[/url] offshore ''marketing hub'' arrangements, an increasingly common move among multinational energy and resources companies. But he warned that investigations could take several years because of the required economic analysis, and the difficulty of getting ''secrecy jurisdictions'' to co operate.''What we're finding are instances where we think the prices being paid to the company in the low tax jurisdictions are very, very high.''Often intangibles are moved, things like rights to market, so you have to find out whether they have really moved You need to interview their officers to see how they actually conduct their business.''With about 240 Australian mining companies operating in Africa, the Tax Office is being forced to consider the problem on a much more global level.''The reality is, Africa is being ripped off big time,'' African Development Bank president Donald Kaberuka told Reuters last [url=http://kkkkk.room.ne.jp/~kkkkkk/hikkoshi/bbs.cgi]hollister uk outlet sale I ju[/url] month.Speaking before the G8 summit, which brings together the [url=http://www.jewelmer.fr/air-jordan-femme/]air jordan femme[/url] leaders of the world's richest nations, Mr Kaberuka was giving a frank assessment of the foreign companies that mine Africa's resources a business [url=http://www.translatica.co.uk/cheap-hollister-clothing-online-sale.html]cheap hollister clothing online sale[/url] that non government organisations complain enriches shareholders but does little for local people.''Africa wants to grow itself out of poverty through trade and investment part of doing so is to ensure there is transparency and sound governance in the natural resources sector,'' Mr Kaberuka said.International pressure on Australian miners operating overseas is rising, with a new report by social justice group ActionAid claiming poor countries are losing more than $130 billion in tax revenues by giving generous tax breaks to big companies, including Australian miners.''In most cases, these are backroom deals signed directly with politicians [url=http://www.jewelmer.fr/air-jordan-pas-cher-site-officiel/]air jordan site officiel[/url] with little or no parliamentary scrutiny,'' ActionAid Australia head of campaigns Mark Chenery said..
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