Search engine giant Google will reportedly pay seven times more tax for 2012, but the $6.1 million bill is still a pretty small part of the estimated $1 billion in revenue it makes in Australia, reports the Australian Financial Review.
Google’s been accused in the past of using complicated tax structures, allowing it to (legally) pay less tax. Google Australia recorded a profit of $22.4 million for the year ended December 31, 2012, according to its latest accounts.
Katie Walsh at The Fin writes that this implies tax of 27.5 per cent – just short of the 30 per cent corporate rate.
Now read: CHART OF THE DAY: The Growing Tax Write-Downs Affecting Australia’s 2012-13 Budget
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