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Australia Cracks Down on Tax Avoidance by Multinational Companies like Apple, Google and Microsoft

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Last month Apple has warned investors that it could face 'material' financial penalties from the European Commission's investigation into its tax deals with Ireland — the first time it has disclosed the potential consequences of the probe," reported Tim Bradshaw of The Financial Times. Today, there are more potential problems on the horizon for Apple regarding taxes, this time in Australia.


According to a new Reuters report this afternoon, "The Australian government on Monday announced a world-leading crackdown on alleged tax avoidance by 30 multinational companies in a move that could force the likes of Apple Inc. and Microsoft Corp to restructure their businesses to escape huge penalties.


These companies are diverting profits earned in Australia away from Australia to no-tax or low-tax jurisdictions," Treasurer Joe Hockey told reporters in Canberra.


While declining to identify specific targets, he stated that "it's pretty evident which companies are involved." Google, Apple and Microsoft revealed earlier this year that they were under review by the Australian Tax Office. The Australian subsidiaries of these global tech titans have all denied any tax evasion. For more on this, see the full Reuters report here.


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