Sunday, 10 December 2017 07:25

Tech firms take backseat to ExxonMobil in tax dodging Featured

By

Technology companies normally occupy the top ranks in many areas of business, including dodging taxes, but this time they appear to have been beaten by the oil company ExxonMobil.

The petroleum giant has been revealed as the worst corporate tax dodger in Australia, having made $24.7 billion in revenue over three years and not paid a cent in tax.

The Tax Justice Network Australia provided the information about ExxonMobil, based on data issued for 2015-16 by the Australian Taxation Office on Friday.

Among the technology companies that avoided contributing to the public purse were IBM, Atlassian, Acer, BAe Systems, FoxConn, Citrix and Unisys.

Two Samsung entities earned $5.3 billion in revenue and only paid $3.6 million in tax.

Other oil majors that paid no tax in 2015-16 were Shell Energy ($4.2 billion revenue), Chevron ($2.1 billion revenue), and Viva Energy ($16.8 billion revenue).

The data released covered Australian public and foreign-owned entities with total income of $100 million or more, Australian-owned resident private entities with total income of $200 million or more and entities that have to pay the petroleum resource rent tax.

More than 700 of the total of 200+ companies listed paid no tax for the year 2015-16.

Tax Justice Network Australia report author Jason Ward said: “What this research shows is that ExxonMobil has exploited Australia’s natural resources, made a ton of money and siphoned it all off overseas. By using notorious tax havens, high-interest internal loans and related party transactions they’ve sucked the taxpayer dry.

“ExxonMobil has $54 billion sitting in offshore bank accounts. Our research shows that much of that money has been funnelled from Australia through Exxon’s Dutch outfit, and ultimately through their Bahamas subsidiary. But the very idea of Exxon Australia being owned in the Bahamas raises more questions than answers.”

Ward said Exxon had misled the Senate Inquiry into Corporate Tax Avoidance in 2015 by failing to declare the company's Dutch-Bahamas structure.

Read 2788 times

Please join our community here and become a VIP.

Subscribe to ITWIRE UPDATE Newsletter here
JOIN our iTWireTV our YouTube Community here
BACK TO LATEST NEWS here




IDC WHITE PAPER: The Business Value of Aiven Data Cloud Solutions

According to IDC, Aiven enables your teams to perform more efficiently, reduce direct infrastructure costs, and provide improved database performance, agility and scalability.

Find out how Aiven makes teams 48% more efficient, allowing staff to focus on high-value activities that drive real business results:

340% 3-year ROI – break even in 5 months (average)

37% lower 3-year cost of operations

78% reduction in staff time for database deployments


Download the IDC White Paper now

DOWNLOAD WHITE PAPER!

PROMOTE YOUR WEBINAR ON ITWIRE

It's all about Webinars.

Marketing budgets are now focused on Webinars combined with Lead Generation.

If you wish to promote a Webinar we recommend at least a 3 to 4 week campaign prior to your event.

The iTWire campaign will include extensive adverts on our News Site itwire.com and prominent Newsletter promotion https://itwire.com/itwire-update.html and Promotional News & Editorial. Plus a video interview of the key speaker on iTWire TV https://www.youtube.com/c/iTWireTV/videos which will be used in Promotional Posts on the iTWire Home Page.

Now we are coming out of Lockdown iTWire will be focussed to assisting with your webinars and campaigns and assistance via part payments and extended terms, a Webinar Business Booster Pack and other supportive programs. We can also create your adverts and written content plus coordinate your video interview.

We look forward to discussing your campaign goals with you. Please click the button below.

MORE INFO HERE!

BACK TO HOME PAGE
Sam Varghese

Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

Share News tips for the iTWire Journalists? Your tip will be anonymous

Subscribe to Newsletter

*  Enter the security code shown:

WEBINARS & EVENTS

CYBERSECURITY

PEOPLE MOVES

GUEST ARTICLES

Guest Opinion

ITWIRETV & INTERVIEWS

RESEARCH & CASE STUDIES

Channel News

Comments