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Why is the government letting Pfizer shift their profits offshore?

Earlier this week I spoke in the chamber about Pfizer shifting their profits offshore rather than pay tax here in Australia.

In 2022, Pfizer had a total Operating Revenue of $1.36 billion and an Operating Profit before tax of $90.2 million. This equates to an Operating Profit ratio of 6.6%.

Pfizer’s worldwide accounts showed a total Operating Revenue of USD$100.3 billion and an Operating Profit before tax of USD$34.7 billion. This equates to an Operating Profit ratio of 34.6%.

Had Pfizer generated a similar profit ratio in Australia, their profit would have been approximately $470 million, $380 million higher than the profit declared by Pfizer Australia.

I have written to the Treasurer asking that Pfizer’s transfer pricing arrangements are reviewed.

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Gerard