Singapore Telecommunications says The Straits Times article “Australia’s biggest firms found to have dodged taxes” dated Sept 30 wrongly singled out the company as having the second largest amount of “tax forgone”.
“The article has simply and incorrectly calculated tax foregone in Australia by applying the Australian 30% corporate tax rate to the accumulated total of SingTel Group profits,” SingTel says in a SGX press release clarifying the matter.
SingTel, which has businesses in 25 countries, adds that it Australian subsidiaries undertake all their legal and governance responsibilities diligently, including their Australian tax obligations.
SingTel is down 0.5% to $3.78 as at 2:13 p.m. Singapore time.
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