Last night’s 4 Corners was boringly repetitive. Maybe the legal and accounting personalities have changed, but income tax will always be avoided in tax havens. Australia should become one!
Singapore is a tax haven because the government ‘owns’ most of the land on behalf of its people. That’s why it has a low income tax regime and it’s an attractive proposition for Australian companies to manage their income tax affairs in Singapore.
The international case to make income tax ‘work’ is doomed to failure – so that real estate ‘investors’ may continue to ‘win’ at the expense of income earners and small businesses.
Wake up, Australia, tax land values and un-tax incomes, for God’s sake!