Tax avoidance inquiry calls on nine 'big pharma' bosses to explain tax contribution

PBAC

The bosses of nine of Australia's largest multinational pharmaceutical companies will appear in front of a Senate committee investigating corporate tax avoidance.

Representatives from Pfizer, Johnson & Johnson, GlaxoSmithKline, Roche, Novartis, AstraZeneca, Sanofi, Eli Lilly, and Merck Sharp & Dohne have all been requested to appear at public hearings on July 1.

The next phase of the tax avoidance inquiry comes months after the headline-grabbing appearance of executives from Google, Apple and Microsoft who struggled to explain why those companies pay so little tax in Australia.

The move on "big pharma" came after Australian Tax Commissioner Chris Jordan told a Senate estimates hearing this month that at least four large drug makers are being audited by the tax office. "Clearly there are [ATO] investigations happening in that industry," he said.

For more details, go to: http://www.smh.com.au/federal-politics/political-news/tax-avoidance-inquiry-calls-on-nine-big-pharma-bosses-to-explain-tax-contribution-20150619-ghrzw6.html

Michael Wonder

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Michael Wonder

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