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multi national made to pay its taxes (Read 77 times)
John Smith
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multi national made to pay its taxes
Apr 21st, 2017 at 12:11pm
 
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-c...

well done

Looks like Andrei got out of their just in time  Cheesy Cheesy
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