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25 May, 2013

Island allure: The tax secrets of big business – Sydney Morning Herald

Very few Australians will have heard of Burdekin Investments, one of the thousands of low-profile post-box companies that makes its home at Ugland House, a resort-style office building in George Town, the capital of Caribbean tax haven the Cayman Islands.

It keeps a much lower profile than its parent, Australia’s biggest company, Commonwealth Bank, whose logo is proudly borne by the group’s branches on shopping strips across the country.

But thanks to tax authorities and governments desperate to plug budget gaps, tax-haven companies such as Burdekin are getting more attention. There have already been investigations into the tax paid by technology multinationals in Britain and Australia, and this week the US followed suit, with the powerful Senate permanent subcommittee on investigations inquiring into the tax affairs of Apple.

Read the rest: Island allure: The tax secrets of big business.