Global efforts to curb illicit money flows are wavering as some developed countries struggle to detect abuse of its banking systems. The latest scandal shows politically-motivated money from Azerbaijan circulating in Europe through banks and shell companies.
President Donald Trump on Wednesday delivered a new round of promises of a “pro-growth, pro-jobs and pro-American” tax reform, including a 15% corporate tax rate. However, sceptics say his proposals do not match the rhetoric, and that they may be impossible to implement all at once.
The Australian subsidiaries of Apple and Microsoft told a Senate committee on Tuesday that their tax payments have been given the all clear by the ATO. But politicians are still questioning whether Australia’s tech companies really contribute as much as they should to the country’s economy.
Oil major Chevron has announced its decision to withdraw the appeal in the landmark transfer pricing TP dispute against the Australian tax authority. This paves the way for the ATO to pursue other companies' cross-border financing arrangements.
A series of global tax avoidance and evasion scandals over the past decade has led tax justice activist groups to work harder than ever before. Their work has paid off, as multinational board groups increasingly report concerns around heightened public interest in corporate taxation.
