Chevron loses tax case against ATO

Chevron loses tax case against ATO

Oil and gas giant Chevron could pay up to AUD$310 million in tax and fines, following a Federal Court ruling in the Australian Tax Office’s case. 

The International Transport Workers, that had recently issued a report on Chevron’s tax schemes on its Gorgon LNG project, revealed that the company will have to pay over AUD$250 million in back taxes and an estimated AUD$60 million in fines.

The company is likely to appeal the court’s decision.

Paddy Crumlin, ITF President said, “The scheme rejected today was for $2.5 billion in high-interest related party debt.”

ITF earlier said that Chevron has already set aside AUD$352 million to settle the lawsuit with Australian Tax Office, but that the company had also developed a new tax avoidance scheme.

ATO is currently reviewing the high-interest party loan from a Delaware subsidiary worth more than AUD$35 billion, ITF said.

1 Australian dollar = 0.722005 U.S. dollars

 

LNG World News Staff; Image: Chevron

Share this article

Follow LNG World News

Events>

<< Apr 2020 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 1 2 3

Flame 2020

Flame is Europe’s largest and most influential meeting place for the global gas industry.

read more >

4th PNG Petroleum & Energy Summit

The CWC Group, in partnership with Kumul Petroleum Holdings Ltd.

read more >

FSRU World Congress 2020

FSRU World Congress 2020 will therefore focus on further Commercialising FSRUs through LNG-to-Power…

read more >

CWC World LNG & Gas Series: 12th Asia Pacific Summit

The 2020 Summit will offer an unrivaled programme covering relevant and significant discussion topics…

read more >