Almost two-thirds of Australia’s top 100 companies listed on the stock exchange have subsidiaries in tax havens or low-tax jurisdictions, Thirteen of the top 20 companies, including two of the big four banks, have entities in well-known tax havens such as the Cayman Islands, Luxembourg, the British Virgin Islands and Bermuda. A Uniting Church report, Secrecy Jurisdictions, the ASX100 and Public Transparency, reveals 61 of the top 100 companies held subsidiaries in ‘‘secrecy jurisdictions’’ as of April 2011 that have been targeted by tax authorities for sheltering companies dodging tax. Advertisement News Corporation, Westfield and the Goodman Group were among the worst offenders, the group said, holding more than 50 entities in low-tax jurisdictions each. Read more: smh.au/business/top-firms-tax-haven-links-revealed-20130524-2k719.html#ixzz34PZ8VQXO ft/cms/s/0/9a9b84fa-38e6-11de-8cfe-00144feabdc0.html#axzz34PYJzWKk
Posted on: Thu, 12 Jun 2014 08:20:53 +0000
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