passage: The Australian Tax Office is threatening to take audit action against local companies and major multinational corporations following the leak of almost 28,000 pages of documents exposing their complex Luxembourg tax structures. An investigation by the International Consortium of Investigative Journalists (ICIJ) found that accounting firm Pricewaterhouse Coopers helped 343 local and overseas companies shrink their tax bills - in some cases to almost zero – by routing their profits through the tiny European nation. This includes IKEA which has made an estimated profit of $1.01 billion in profits in Australia since 2003, but has only declared a pre-tax profit of $103 million and paid $31 million in tax, the Australian Financial Review reported.
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  Almost 28,000 pages  exposing Luxemburg tax structures leaked
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  More than 300 Australian and overseas companies shrink their tax bills by routing their profits through the tiny European nation
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  Gerard Ryle, who led the investigation, said the practice is 'perfectly legal'
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  'If companies  aren't paying their fair share  it means we pay more'
query: 'So you might set up an entity in @placeholder that lends your Australian company money at a high percentage, and then what happens there is you're shifting the profit because the Australian company has to pay interest rates to Luxembourg.'
entities: Australia Australian Australian Financial Review Australian Tax Office European Gerard Ryle ICIJ IKEA International Consortium of Investigative Journalists Luxembourg Luxemburg Pricewaterhouse Coopers