Finance Minister Mathias Cormann has rubbished claims Australia stands to lose billions of dollars to the US if it pushes ahead with a cut to the company tax rate.
"That's just not right, it's completely fanciful," he told ABC Radio, responding to analysis by the left-leaning think tank, the Australia Institute.
Senator Cormann said US companies which tax their profits in Australia do not as matter of course remit profits already taxed back to the US, because they hold the cash reserves outside the US for future investment.
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