Brookfield disputes claims of the Centre for International Corporate Tax Accountability and Research report that the Canadian company engages in tax avoidance
, had a $5.3 billion tax gap and paid an average tax rate of 6.1 per cent.
Despite $700 million in operating revenue for the real estate group, the report says, it only paid about $19 million in taxes in 2021. CICTAR questions if a complex corporate structure of partnerships — it says Canary Wharf Group has hundreds of subsidiaries — could be used to help lower the amount of taxes being paid.
The report also looks at Brookfield’s interest in Healthscope, a private hospital operator in Australia run out of the Cayman Islands. But Brookfield said it openly discloses its taxes in accordance with international financial reporting standards and in some cases the amount paid can be misleading.
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