Wonder of wonders
Government moves to crack down on tax avoidance by multinational
firms are already bearing fruit, with Google telling Parliament it
will no longer funnel New Zealand revenues via low-tax
jurisdictions such as Singapore.
The practice saw Google's New Zealand subsidiary provide only
services as part of the sales process - paying just $356,000 in tax
on only $12.2m in revenue. Estimates of Google's sales revenue from
New Zealand range in the hundreds of millions of dollars annually.
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