30 Jun '15, 8pm

PayPal plays Australia for mugs #tax. Investigation: how it funnels 86pc of sales to Singapore

PayPal plays Australia for mugs #tax. Investigation: how it funnels 86pc of sales to Singapore

Leading player: eBay has a 20 per cent share of the ecommerce market in Australia, but has paid only $6.2 million in income tax over 12 years. Photo: AP PayPal is no pal of the Australian Tax Office. Like its sister company eBay, the electronic payments provider seems hell bent on making as little in the way of profit in this country as it possibly can. After all, if you make a profit, you have to pay tax on it. So it is that an investigation by Fairfax Media and University of NSW accounting academic Jeff Knapp found PayPal rakes out 86 per cent of its revenue to an associate in Singapore, and countervailing its duties under the Corporations law, fails to disclose sufficient details of the arrangements. Over the past nine years, the electronic payments firm has paid more than $1 billion of its $1.2 billion in revenues to its parent and associates in Singapore leaving very ...

Full article: http://www.smh.com.au/business/comment-and-analysis/austr...

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