The Australian Taxation Office issued a combined $2.9 billion in tax bills this month to seven multinationals, including Apple, Google and Microsoft. The ATO’s actions come three months before the effective date of Australia’s widely heralded diverted profits tax, known as the Google tax. Here’s what you need to know about this important legislation.
This week’s Global Glance looks at: why the G20’s annual summit was mostly hot air; Obama’s Laos visit and the problem of cluster bombs; and Botswana turning 50.
The far-reaching agreement will eliminate the vast majority of tariffs on the importation of Australian agricultural and service goods to China and pave the way for potentially billions in Chinese investment in Australia.
By Dafydd Williams, Senior Director, Advisory services
In the world of global commerce, Australia is sitting pretty. It has the strong institutions and educated workforce of a European nation, the natural resources of the world’s sixth-largest country by landmass, and an English-speaking population to boot. And it has all of this within a stone’s throw of the high-growth economies of East and Southeast Asia.