Apple, Google, Microsoft 'Under Review' by Australia Tax Office

Global tech giants Google, Apple and Microsoft are "under review" by the Australian Tax Office (ATO), senior executives said on Wednesday, as politicians grilled them about corporate tax avoidance.

The review means the tax office has not renewed agreements with the companies on transfer pricing, an accounting practice blamed for helping large companies minimise their tax bills, the executives told a Senate hearing in Sydney.

Developed nations are trying to crack down on tax loopholes that allow multinational companies to shift their profits from high tax countries to more relaxed regimes.

Australia is following the lead of Britain and the United States in holding a public inquiry into corporate tax avoidance, although the company executives declined to provide full details about their financial structures.

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