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 Outrageous extortion: Chevron faces $322m tax bill

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Outrageous extortion: Chevron faces $322m tax bill Vide
PostSubject: Outrageous extortion: Chevron faces $322m tax bill    Outrageous extortion: Chevron faces $322m tax bill Icon_minitimeFri Oct 23, 2015 11:23 pm
Oil and gas giant Chevron faces a massive tax bill after losing a long-running battle with the tax office over allegations the company used internal lending to reduce its Australian taxes.

Outrageous extortion: Chevron faces $322m tax bill B8862908z.1_20151023105021_000_grqbucf6.3_1-1b2j8hq

The Federal Court this morning ruled against Chevron in a landmark legal case that had argued the US multinational was shifting profits offshore through transfer pricing — minimising its profits in Australia through the use of more than $US2.5 billion worth of loans between its US and Australian business arms.

Gorgon LNG developer Chevron is likely to appeal the decision.

However, if the court decision stands, Chevron will be forced to pay an estimated $322 million in back-taxes and penalty payments.

Justice Alan Robertson noted in his decision, released this morning, there was no allegation before the court the inter-company lending was a “sham” transaction, but found the complex lending arrangements breached transfer pricing rules.

https://au.news.yahoo.com/thewest/wa/a/29890206/chevron-faces-322m-tax-bill/
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