And what will the government be doing about this? Answer FA. Quote: Australias largest coalminer, Glencore, paid almost zero tax over the past three years, despite income of $15 billion, as it radically reduced its tax exposure by taking large, unnecessarily expensive loans from its associates overseas. At up to 9 per cent, the interest rates on these $3.4 billion in loans were double what the company would have had to pay had it simply borrowed the money from the bank. As it was claiming tax breaks in Australia on these inflated interest payments, the secretive Swiss-based multinational actually increased its lending to other related parties interest free. This may include its executives. Nobody from Glencore, which used to be called Xstrata, was available for comment despite repeated requests. Read more: smh.au/business/glencore-tax-bill-on-15b-income-zip-zilch-zero-20140626-3awg0.html#ixzz35mZn9OEa
Posted on: Thu, 26 Jun 2014 21:26:31 +0000
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