Pretending to be poor, and small, that’s the scam. Booking.com and Expedia dominate the short stay market in Australia, and last year they had a shocker globally, thanks to the pandemic. Revenue for Booking Holdings worldwide went from $US15 billion to $US 7 billion. But the second half boom in domestic travel here in Australia was a bright spot. Cashflow was up from $25 million to $27.4 million.
But that’s not actually Australian cashflow – the companies don’t even disclose that – instead calling it “support fees” from an offshore associate.
Still, they raked out $9.7 million in dividends over the past two years versus $5.5 million paid in income tax.
Booking.com’s Australian taxpayer arrangements a legal sham