A landmark study has found multinational corporations are shifting roughly $16bn in profits out of Australia into tax havens every year. It has also found the steady decline in corporate tax rates globally since the 1980s has not been driven by countries competing harder for productive capital and pushing corporate tax rates down, despite what politicians say.
The paper highlights how the rise of multinational corporations such as Google, Apple, and Facebook have changed the global tax system. In 2016 for instance, Google Alphabet made $19.2bn in revenue in Bermuda, a small island in the Atlantic where it barely employs any workers nor owns any tangible assets, and where the corporate tax rate is 0%.
— source theguardian.com