Tax cheat Pfizer had a thoroughly pleasing pandemic year, paying zero tax in Australia last year on a billion dollars in sales. What’s the scam?
The scam is Pfizer is a veteran tax cheat. Aided and abetted by its auditors and tax advisory cronies from KPMG and EY, it created almost a billion in fake share capital to match against profits a few years back – and never could explain it when we busted them (see below).
They are still at it, creating fake losses to reduce their tax payable. A fresh set of Australian accounts from the New York pharma crew shows them recording – not a tax paid – a tax benefit of $13.3m after a mysterious spiral in “corporate expenses” from $19m to $50m.
So shoddy are Pfizer and its audit enablers on compliance that there is no tax line in the cashflow statement and no related party transaction note despite the vast majority of their transactions comprising purchases from Pfizer entities overseas. There was this though.
Lendlease: What’s the Scam?
Australian workers will have to shoulder a greater share of the nation's tax burden in coming years as corporate tax payments are tipped to languish. That was one key take-out from the Budget this week. What's the scam?
John Barilaro’s daughter breaches lockdown twice: What’s the scam?
The ACT Police have confirmed that NSW Deputy Premier John Barilaro's daughter entered Canberra on July 12, breaking the public health order for a second time, having travelled from her home in Queanbeyan to Sydney on July 9. John Barilaro has refused to answer questions about the incident.
NSW pokies: What’s the Scam?
NSW has the world’s worst pokies losses per capita at $7 billion per year, equivalent to more than $1,200 for each adult. It's a boon for the state's coffers but the government is proposing reforms to stem the losses, or is it? What's the scam?
Medibank Life Insurance: What’s the Scam?
Health insurer Medibank is spruiking its life insurance in a big ad campaign, sending Australians on a guilt trip if they haven’t taken out life insurance. “It’s surprising that only one in four Australian adults say they have life insurance,” says Medibank's ad. What’s the scam?