cIf IO prices stay put and our producers produce sell the same amount of IO
to that of last year with similar costs then the Comm Government will receive
about $1.4 billion less tax this year than that of last year.
Joe Hockey is blaming this for his $50 billion budget deficit but it is chicken feed
if we consider that we are paying over $12 billion interest a year on our debt and
if we include State and Municipal debt, then the interest bill jumps to over $19 billion p/a.
Out Defence budget has jumped from $16 billion a year in 2003 to a current $26 billion
with an add-on of $12.5 billion for the casualties of war, our Vets, in the form of Department
of Vet. Affairs. (Total $39 Billion)
Perhaps Mr Hockey should have a hard Captain Cook at what tax our multinationals are
paying rather than decrying to drop in IO prices.
For example the following companies use the Double Irish or the Dutch/ Luxenburg Sandwich tax
minimisation/evasion strategies:
These companies are:
Abbott Laboratories, Adobe Systems, Apple, Eli-Lilly, Facebook, Forest Laboritories,
General Electric, Google, E-Bay, Johnson&Johnson, Microsoft, Oracle Corp,
Pfizer, Starbucks & Yahoo.(to name some)
So when you sit in Starbucks on Facebook via your I-Pad, then Google E-Bay for a bargain
and then use a Johnson&Johnson product in the toilet afterwards, you will have inadvertently
contributed to 6 separate multinational companies that avoids paying Australian Tax
by using the above tax shelters; all while having a quick coffee.
The G20 is addressing these issues via the OECD proposals re financial transparency
and transfer pricing regulations coming into effect 2017-18.
In the interim, if you are concerned, just do the patriotic thing and shun these tax dodgers.
