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Video Editing Software Backend Why Samsung needs to pay $2.8 billion to pay back taxpayers

Why Samsung needs to pay $2.8 billion to pay back taxpayers

Posted January 07, 2020 15:07:52 Samsung’s tax saga is finally over after it paid $2 billion to resolve its tax debt.

The Federal Court in Melbourne agreed with Samsung and the Victorian government that the South Korean electronics giant owed more than $2bn in back taxes to the state and the Federal Government.

The $2billion judgment was handed down on Tuesday, but the Government will appeal it to the Federal Court.

Key points:The court agreed with the Victorian Government that Samsung owed $2B to the Victorian taxpayer, and the state must pay it backIn a statement, the Victorian Department of Finance said it was “delighted” that the court had found Samsung guilty of tax evasionThe Government has until April 25 to appeal the judgment.

Mr Justice James Glynn, from the Federal Circuit Court, said Samsung had failed to file a tax return for five years.

“In its dealings with the Commonwealth, it has failed to submit a timely and accurate tax return.”

As a result, it owes the Commonwealth more than it is entitled to, and is therefore required to pay the Commonwealth a refund of the amount it owes,” he said.”

The Commonwealth owes a substantial sum of money to the Commonwealth because it has been misled by its actions.

“The decision came after the Victorian Treasury paid $1.7 billion in penalties to the federal Government.

Topics:tax,government-and-politics,government—state-issues,government,business-economics-and/or-finance,government_and-business,state-parliament,federal—state,melbourne-3000,vicSource: ABC News

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