Oxfam: Australia Lost $5 Bn to Tax Dodging in 2014

GMT 19:36 2016 Thursday ,09 June

Arab Today, arab today Oxfam: Australia Lost $5 Bn to Tax Dodging in 2014

Sydney - QNA

The Australian government lost an estimated 5 billion US dollars in revenue in 2014 as a result of tax dodging by multinational corporations, an Oxfam report released Thursday said. 
The report said investments from Australian-based big companies in tax havens globally grew from an estimated 56.4 billion US dollars in 2009 to 79.1 billion US dollars in 2014, according to the German News Agency (dpa). 
"The Oxfam report, for the first time, puts dollar figures on what Australians and poor people in our region are missing out on because Australian-based multinational companies aren't paying their fair share of tax," Oxfam Australia's chief executive Helen Szoke said in a statement. 
Worldwide, 10.35 trillion dollars were invested in what Oxfam identified as 20 tax havens, including Mauritius, Singapore, Ireland, the Netherlands, Malaysia, and Hong Kong, the report said, of which an estimated 79.1 billion came from Australia. 
"In other words, around 1 in every 100 dollars found in tax havens is from Australian-based multinational corporations," the report said.

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