Gerard Rennick (Queensland, Liberal Party) Share this | Hansard source

My question is to the Minister representing the Treasurer, Senator Gallagher. In 2022, Pfizer derived $1.4 billion in sales in Australia and an operating profit of $90 million, a ratio of just seven per cent. This is despite Pfizer earning $100 billion in worldwide sales and an operating profit of $35 billion, a ratio of 35 per cent. Pfizer Australia's intercompany assets show a loan balance with Pfizer Ireland of over a billion dollars. Australia imposes a 10 per cent withholding tax on royalties paid to Ireland, which, added to Ireland's company tax rate of 12½ per cent, means that at a total of 22½ per cent there is a lower rate of tax on profits sent offshore than profits retained in Australia. Will the Albanese government lift withholding taxes to stop profit-shifting by foreign multinationals?