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General Discussion >> General Board >> Chevron's Tax Bludge.
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Message started by issuevoter on Apr 23rd, 2017 at 8:25am

Title: Chevron's Tax Bludge.
Post by issuevoter on Apr 23rd, 2017 at 8:25am
If you tried this stunt, you would end up in jail. Chevron loans itself billions and the Australian tax payer pays their interest.

https://www.theguardian.com/business/2017/apr/21/chevron-australia-faces-tax-bill-of-340m-after-court-rules-it-shifted-profits-to-us

Title: Re: Chevron's Tax Bludge.
Post by Dnarever on Apr 23rd, 2017 at 8:56am
Yet the problem isn't that doing this is illegal just that they went too far.

The took a loan in the US at 1.5% and loaned it to themselves at 9% for the purpose of maximising their tax advantage, apparently there is nothing wrong with doing this the problem is that they got too greedy and the rate was unreasonable because a local genuine loan would have been much cheaper.

i.e. had the loan been 5% it would be ok.

To me it looks like the major problem is not being addressed.


Title: Re: Chevron's Tax Bludge.
Post by Ye Grappler on Apr 23rd, 2017 at 9:29am
Shows the need to change the tax laws here to stop this kind of robbery.

Title: Re: Chevron's Tax Bludge.
Post by issuevoter on Apr 23rd, 2017 at 11:18am
Chevron Australia, as a company, is a way of pretending Chevron is loaning money to another entity. Its not a real separately owned business. No one is loaning anything, they are just shifting money around, and as it passes through Australia (in a computer file) it gains interest. Lots of interest.

It may be legal, but it would not be the first time the Australian tax payer got shafted by the lawyers of big business. These are same people who announce loudly that we cannot afford social services, the age of entitlement is over, and pension age should by raised to the point where you die off before the government needs to pay anyone.

Title: Re: Chevron's Tax Bludge.
Post by Ajax on Apr 23rd, 2017 at 11:38am
Has there ever been an estimate where, if all the multi nationals in Australia were to pay their taxes in full like the good citizens they are striving to be one day in the future.

How much money our government would get....??

Title: Re: Chevron's Tax Bludge.
Post by The_Barnacle on Apr 23rd, 2017 at 12:02pm

Grappler Truth Teller Feller wrote on Apr 23rd, 2017 at 9:29am:
Shows the need to change the tax laws here to stop this kind of robbery.


You would think so wouldn't you...
But it seems the government is far more interested in demonizing welfare recipients.

Title: Re: Chevron's Tax Bludge.
Post by Dnarever on Apr 23rd, 2017 at 12:11pm

The_Barnacle wrote on Apr 23rd, 2017 at 12:02pm:

Grappler Truth Teller Feller wrote on Apr 23rd, 2017 at 9:29am:
Shows the need to change the tax laws here to stop this kind of robbery.


You would think so wouldn't you...
But it seems the government is far more interested in demonizing welfare recipients.



Yes but I am sure that there is a pensioner somewhere who was paid $20 extra once ? Our government will spend billions to catch them.

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