in which confidential information on changes to the federal government’s multinational tax avoidance laws was leaked by PwC to its clients.
Up until December 2020, PwC was also doing work for the Medical Technology Association of Australia , which represents the multinational medical device suppliers, on the setting of prices on the prostheses list. The global companies provide many of the items on the list, including some of the human tissue items subject to the recent review.
“The use of transfer pricing for medical implants inflates the cost in Australia and minimises the tax payable in this country,” David wrote in the letter. Peter Breadon, the director of the health and aged care program at the Grattan Institute, said the 2017 agreement that underpinned the prosthesis list, which expired last year, was “impossible to defend”.
The department said it was also undertaking “value for money assessments” on past contracts which may still be relevant including a consideration of ethical conduct. “As you may have heard, with the ever increasing ATO focus on multinationals and their international tax arrangements, there have been some recent developments from the ATO in the transfer pricing space,” read an invitation sent out by the MTAA to its members on November 14, 2018.
Source: News Formal (newsformal.com)
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