It's official.............'bribes' are a 'tax deduction'.
Here's how it works.
1) Create a law."There should be no tax deduction for a bribe -thats my view ,and thats what we put into the law", Mr Costello said.
2) Set up an inquiry, like The Cole Report into AWB, that deems a bribe is actually a kickback.
3)Rely on Tax Department.
In a statement to the Stock Exchange yesterday, AWB said the Tax Office "accepts that for the reasons set out in the Cole inquiry report, payments made by AWB under the ... oil-for-food program do not constitute bribes to foreign public officials for the purposes of the Income Tax Assessment Act 1997".
4)Pretend matters are out of your hands. (Sorry Pete, Mr Cole or the tax department are not the lawmakers, that's the role of the parliament.)
"Now I'm sorry, if a court finds or a royal commissioner finds something, whatever my personal view, that's the law." says Mr Costello.
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