Financial Transparency Coalition

Australia’s tax authorities have vowed to scrutinise taxpayers’ transfer pricing activities and thin capitalisation rules in a bid to help businesses and individuals facing genuine hardship during the economic downturn.

We have long pointed to the fact that the United States is, to a very significant degree, a secrecy jurisdiction, not least through dirty practices offered in places such as Delaware. It isn't something that people like to mention in polite company. Now we're very heartened to see the Australian tax office has written an open submission to the US Senate Committee on Homeland Security and Governmental Affairs, which includes the following strongly-worded:

"In our opinion, entities established in some states of the USA, for example some US incorporated companies, have some of these same...