AUSTRALIA - Big Firms Pay No Taxes

Arno Froese

Rupert Murdoch’s News Corporation paid no tax whatsoever in 2015-16 on an Australian income of $2.9 billion. Its competitor Fairfax Media, owner of The Age and The Sydney Morning Herald, paid $16 million on a lower income of $1.48 billion.

News Corporation was able to reduce its Australian taxable income to zero, meaning no tax was paid. Fairfax Media reported a taxable income of $89 million, paying tax at an effective rate of 18 percent.

Australia’s biggest company BHP reported taxable income of $5.3 billion on a total income of $26.7 billion, paying $1.3 billion in tax, at an effective rate of 24 percent.

Australia’s statutory corporate tax rate is 30 percent, a rate the government wants to reduce to 25 percent.

The oil giants Exxon Mobil Corp and Chevron Corp paid no tax in Australia despite reporting income of $6.7 billion and $2.1 billion. Both are investing in liquefied natural gas projects that will take years to produce returns.

ACTU President Ged Kearney said the tax data was “nothing short of a national scandal.”

“These businesses are getting away with thumbing their noses at paying their taxes, and it’s costing us all because it is ripping off money that should be going to our schools and hospitals,” she said.

“We need to change the rules so that there is one set of laws for all Australians, and companies pay tax in the same way that all their employees do. It is absurd that a worker, who generates all the profit a multi-national company brings in, would pay more tax that that company.”

-www.theage.com.au, 8 December 2017

Arno's commentary

Australia is a country/continent categorized as super-rich. Australia prides itself in their national healthcare system, a level of labor rights comparable to other wealthy nations, and having the world’s giant corporations eager to invest in Australia. The tax issue is an age-old, complicated system that is not pleasing to all people at all times.

Here in South Carolina, the German car manufacture BMW received over $400 million in tax incentives to build their factory here, mainly due to cheap labor. The plant began in 1994, and today is estimated to increase employment to 10,000 by 2022. But

The tax debacle will not end; it’s definitely a problem on all five continents, so what may be the answer? Simply a global tax structure. That would unify the world even more in preparation for true globalism.

So, what is the future? Bible readers know; it is expressed with one word: Armageddon. The world is destined to be destroyed by the Creator of the world. How are we to walk? Peter answers: “Submit yourselves to every ordinance of man for the Lord’s sake: whether it be to the king, as supreme; Or unto governors, as unto them that are sent by him for the punishment of evildoers, and for the praise of them that do well” (1 Peter 2:13-14).

Arno Froese is the executive director of Midnight Call Ministries and editor-in-chief of the acclaimed prophetic magazines Midnight Call and News From Israel. He has authored a number of well-received books, and has sponsored many prophecy conferences in the U.S., Canada, and Israel. His extensive travels have contributed to his keen insight into Bible prophecy, as he sees it from an international perspective.

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