Future Fund enjoys tax break in Cayman Islands

[Lucky]

http://www.smh.com.au/business/future-fund-enjoys-tax-break-in-cayman-islands-20091029-hnnx.html

AUSTRALIA'S $60 billion Future Fund is sending money to the Cayman Islands to try to minimise its tax bill.

In the past year, the fund has opened five subsidiaries in the Caribbean tax haven, with which Australia does not have a tax treaty or information exchange program.

At the same the Prime Minister has been part of the global push to crack down on the use of such tax shelters.

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Do as I say, not as I do...

 

[Julia]

The ABC reported that when Finance Minister, Lindsay Tanner, was asked for his comment about this, he responded that "it's quite OK because the Cayman Islands are about to make their tax reporting more conventional".
He denied that the Future Fund was attempting to evade tax.

OK, that's all right then. How silly of us to think it matters that our government should be seen to be doing the right thing. Old fashioned, really.

 

[doctorj]

Does this indicate the government's opinion of their own tax policy?

 

[Calliope]

Does this indicate the government's opinion of their own tax policy?

The future fund does not pay taxes to the Australian government. The Cayman deal is to minimise taxes paid to foreign governments on overseas investments. I expect these countries, who along with us agreed to crack down on tax havens, will now realise that Rudd is all talk and no substance.

 

[Krusty the Klown]

So much for integrity and good corporate governance. What a joke.

This is the type of thing that brings down a government, not that I want to see Turnbull let loose in the china shop, he would be even worse.