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>

<< Sep 2019 >>
MTWTFSS
26 27 28 29 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 4 5 6

6th Mozambique Gas Summit & Exhibit

This year’s edition will have a revamped programme for attendees.

read more >

Offshore Energy Exhibition and Conference 2019

The three-day event includes an exhibition where an expected 600+ supply chain companies will showcase their products and services.

read more >

LNGgc London

LNGgc is a fantastic way of raising attendees’ company profile within this market and creating greater awareness of their brand…

read more >

5th CWC China LNG & Gas International Summit & Exhibition

5th CWC China LNG & Gas International Summit & Exhibition will return 16 – 17 October 2019, bringing together the key players…

read more >