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Leaked Documents Show Australians Funnelled S$112 Billion through Singapore

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It has been revealed that Australian companies funnelled almost S$112 billion in and out of low-tax Singapore in one year as tax authorities globally ramp up focus on the world’s richest.

This comes as the leak of more than 11 million documents from the Panama legal firm Mossack Fonseca has shown how some of the world’s most powerful people hide money to avoid tax.

Why Singapore? Because the corporate tax rate can be as low as 2 percent.

The Australian Taxation Office is investigating the money matters of some 800 Australians.

It said that its profit-shifting programs focusing on firms with cross-border trading entities had raised S$431 million in tax liabilities.

“The ATO is working closely with the Singaporean authorities in dealing with non-compliance with Australian tax laws in relation to profit-shifting.”

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