Andrew Nicholl had a 25 year career as an executive in the pharmaceutical industry. He held senior leadership roles in Australia and overseas where he worked as a managing director in Taiwan, Venezuela and Hong Kong for three of the top five global pharmaceutical companies.
Pushing forward efforts to boost transparency in international tax matters, the OECD today released a package of measures for the implementation of a new Country-by-Country Reporting plan developed under the OECD/G20 BEPS Project.
The new instrument the SAT relies on, the ONESOURCE platform, will be used to facilitate the audit of enterprises with foreign transactions and the agreement for its use is for the next five years.
The five biggest suppliers of publicly subsidised medicines in Australia recorded sales of nearly $5 billion last year but paid an average of just $10 million each in company tax.
Amazon announced that it would change the way it accounts for revenue from retail sales in Europe. Under the new arrangement, Amazon will book all revenue from retail sales in individual countries in those countries, rather than routing the profits through Luxembourg, which has the lowest corporate tax rate in the European Union.