By Sheila Mckenzie-
Google paid hundreds of millions of dollars in additional Australian taxes to sort out a long-running dispute with authorities there, The Eye Of Media.Com has heard.
The Silicon Valley giant paid an extra AU$481.5 million, or about US$326 million in a settlement with the country’s Taxation Office. The deal followed an audit that examined the company’s tax practices between 2008 and 2018. Apple, Facebook and Microsoft have in past times also reached settlements with Australia’s tax office which said it has increased its e-commerce industry collections by about AU$1.25 billion. Google said the settlement will give the company certainty for its tax treatment in the future.
Deputy Commissioner, Mark Konza said in a statement:
“It adds to the significant success of the (tax office) in positively changing the behavior of digital taxpayers and significantly increasing the tax they pay in Australia,” Mark Konza, said in a statement
“Ensuring large companies and multinationals pay the right amount of tax means we can continue to deliver the essential services Australians rely on,” Josh Frydenberg, Australia’s treasurer, said in a statement. Google has made phenomenal financial success for years, hitting the billion dollar sphere in the last few years. In 2015, google earned 74.5 billion In 2016, made 89.46 billion, increasing its revenues by $20bn to $110.8 Billion in 2017. In 2018, Google made 136.22billion.
Today, the UK competition watchdog said regulations to tackle the dominance of Google and Facebook are necessary, including potentially opening up search engine data to rivals and bringing in rules to give consumers greater control over their data.