US oil giant Chevron faces $300 million tax bill after ATO court victory

A Federal Court full bench has unanimously dismissed an appeal by multinational oil and gas giant Chevron against an Australian Tax Office ruling that it used an intra-company loan as a means of shifting profits offshore and avoiding tax on its Australian income.

Chevron had appealed a judgement against it in the transfer pricing case about a high interest, $2.5 billion loan from a Chevron subsidiary in Delaware to Chevron Australia.

The full court decision is a major win for the ATO and leaves Chevron facing a tax bill of more than $300 million. It will also be required to pay the ATO's costs from the court case.

This decision may also have implications for a much larger $42 billion Chevron loan currently in place, which has a similar structure to the loan challenged in the court case.


http://www.abc.net.au/news/2017-04-21/chevron-faces-massive-tax-bill-after-ato-court-victory/8460874

well done

Looks like Andrei got out of their just in time  :D :D