Big pharma shuffles the tax pill

PBAC

The big miners were sprung for their Singapore profits sling, and the United States tech giants shown up for their Byzantine tax structures, but there was little time left to spend on other sectors where multinational tax chicanery was rife.

When the Senate Inquiry into Corporate Tax Avoidance reconvened to tie up some loose ends last month though, Tax Commissioner Chris Jordan did make fleeting reference to big pharma.

On a hunch therefore, we made haste for the latest financial statements of Pfizer Australia Holdings. You won't unearth these on the Pfizer website.

What you will find, though, is Pfizer's mission statement on integrity: "Our conduct as a company, and as individuals within it, will always reflect the highest standards of integrity. We will demonstrate open, honest and ethical behaviour in all dealings with customers, clients, colleagues, suppliers, partners, the public and governments".

As a member of the "public" then, keen to engage with this "honest" and "open" Pfizer, we sought to discuss the subject of "integrity" in the field of tax.

For more details, go to: http://www.smh.com.au/business/comment-and-analysis/big-pharma-shuffles-the-tax-pill-20150515-gh2a8a.html

Michael Wonder

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Michael Wonder

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