Google settles $327 million tax bill in Australia

By: |
Sydney | December 18, 2019 1:16 PM

The Australian Tax Office (ATO) said the payment covered taxes owed for 2008-2018, and brought to 1.25 billion Australian dollars the amount recovered from global e-commerce titans including Microsoft, Apple and Facebook.

google, google tax bill, google fine, google australia, australiaThe ATO launched its crackdown on multinational companies’ accounting practices in 2016 with the adoption of an anti-tax avoidance law and the launch of the taskforce. (Reuters)

Google agreed to pay Australian tax authorities 482 million Australian dollars (USD 327 million) to settle a long-running dispute over the tech giant’s multibillion-dollar business in the country, officials announced on Wednesday. The Australian Tax Office (ATO) said the payment covered taxes owed for 2008-2018, and brought to 1.25 billion Australian dollars the amount recovered from global e-commerce titans including Microsoft, Apple and Facebook.

“This settlement is another great outcome for the Australian tax system,” said Deputy Commissioner Mark Konza, who has spearheaded the ATO’s Tax Avoidance Taskforce. “It adds to the significant success of the ATO in positively changing the behaviour of digital taxpayers and significantly increasing the tax they pay in Australia,” he added.

The ATO launched its crackdown on multinational companies’ accounting practices in 2016 with the adoption of an anti-tax avoidance law and the launch of the taskforce.

Konza said on Wednesday that the ATO’s operation would be extended until 2023 to ensure multinational digital players continue to pay taxes on sales revenue from Australian customers.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1SBI’s micro markets vertical to enhance cost efficiency: Rajnish Kumar
2Labour reforms: Still a long way to go for India, says Rishi Agrawal, co-founder & CEO, Avantis Regtech
3Will govt now challenge Vodafone award? It does so in most cases