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.
He declined to identify the targets, but said “it’s pretty evident which companies are involved”. Google Inc, Apple Inc and Microsoft Corp revealed earlier this year they were under review by the Australian Tax Office.
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