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New Oz Taxes Sting Tech Giants Extra $380M

America’s four biggest tech companies – Google, Facebook, Apple and Microsoft – have reportedly paid an extra $380 million in Australian tax last year, following new local tax-avoidance laws.

As per The Australianthe four tech giants forked out a total of $616 million in combined tax for the most recent financial year.

Despite a whopping 160% year-on-year increase, some commentators claim funds may still be slipping through cracks.

After taking effect in 2016, the Multinational Anti-Avoidance Law reportedly generated an extra $2.7 billion for multinational companies.

As previously reported, the new tax-avoidance laws aim to tax Australian-generated revenue on shore, rather than being being dealt with in comparatively lower countries (e.g. Singapore or Ireland).

The new laws have seemingly increased local tax revenue – e.g. Google reportedly paid $232 million to the ATO, with income tax expenses for the 2017 year spiking from $16 million to $23.6 million.

Apple’s tax bill was reportedly much higher – from $155m in 2016 to $282 million. The Californian-giant paid $90 million for “underprovision of tax for prior years”.

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