BROKE: Global tax laws allow coal mining giant Glencore to avoid tax payments around the world, according to new CICTAR report
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Friday, October 29, 2021
Dr Claire Parfitt, leader researcher on the report, said: "Glencore extracts not only ecological resources like coal and copper, but also strips out financial viability of the states where it operates.
Key Points:
- Dr Claire Parfitt, leader researcher on the report, said: "Glencore extracts not only ecological resources like coal and copper, but also strips out financial viability of the states where it operates.
- If Glencore avoids tax obligations in Australia, other countries with less resources for enforcement are much more vulnerable.
- Glencore, the London Stock Exchange listed US$42 billion commodities giant, is the worlds largest thermal coal exporter.
- Glencores use of transfer (mis)pricing, a core feature of the current global tax system, is second to none.