12 Jul 2016

Corporate tax minimisation costs governments conservatively $US1 trillion

Corporate tax minimisation costs governments $US1 trillion says accounting insider
Excerpt from an article by Stephen Long
The big four accounting firms have been branded as aggressive, unethical, and accused of "perpetrating the greatest tax crimes in history" by a leading corporate tax authority.

At least $US1 trillion in tax revenue is lost worldwide, and $50 billion in Australia, as a result of aggressive tax minimisation schemes established by the four giant firms who audit the books of nearly all the world's major companies, said George Rozvany, a 32-year veteran of the corporate tax industry.

"And I'm a conservative man, I think the figure is actually much higher," he told the ABC.

"It's very clear to me that the big four accounting firms are the masterminds of international tax avoidance.
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By S.W.T.Read
Governments are generally out gunned by these money manipulators.
To take on these firms, governments should go after their staff, cherry pick their best, because they have been stealing the best expertise from governments for years.
They have taken the very people that might have recognised what they were doing. Thereby leaving governments in the dark. These firms have done the same thing all over the world. I believe they have done this deliberately to allow greater manipulation.

The legality of their actions is not the question, its the unethical nature of what they are doing. The social and human cost is great.
There is no loyalty to national boundaries, its all about profit. Any social responsibility they may have had has long since been forgotten.

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