By Rio transferring $719 mil profit via Singapore and paying 5% ($44 mil) tax
means that Australia missed out on the balance (25%) or $220 mil tax for
FY 2014 alone.
The ATO can go back 6 years and given the IO prices during the boom
this could be $$1.3 billion.
If Singapore is providing these multinationals tax haven status due to
the Singapore-Australian free trade deal then perhaps we should scrap
the FTA.
If the ATO has already given provisional rulings on these transfer of
profits, then perhaps the ATO decision making proceedures should be
revamped.
Given that the Abbott Government has put $billions in bothe companies' coffers by repealing the MRRT & the CO2
tax, then there is an onus on these multinationals to fess up and pay up.
