Facebook, Google defend their tax figures amid Australian audit123RF Facebook's vice president of tax and treasury Ted Price insists its revenue and tax calculations are "very credible". That compared to a revenue of A$33.6m before the new tax avoidance laws came into effect, with tax payable of just A$815,000. Google said its Australian advertising revenue was A$1.14b in 2016, with director of international tax, Damon Richardson, insisting that figure was audited by an external firm. The inquiry is seeking to find out whether Australia's current tax laws are adequate and companies are complying with existing laws. ATO commissioner Chris Jordan said the new multinational tax avoidance laws were expected to return sales in Australia worth more than A$7b annually.

Source: Stuff August 23, 2017 00:45 UTC