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Chevron's Tax Bludge. (Read 1183 times)
issuevoter
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Chevron's Tax Bludge.
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-bil...
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Dnarever
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Re: Chevron's Tax Bludge.
Reply #1 - 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.

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Ye Grappler
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Re: Chevron's Tax Bludge.
Reply #2 - Apr 23rd, 2017 at 9:29am
 
Shows the need to change the tax laws here to stop this kind of robbery.
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“Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passion, they cannot alter the state of facts and evidence.”
― John Adams
 
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issuevoter
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Re: Chevron's Tax Bludge.
Reply #3 - 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.
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Ajax
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Re: Chevron's Tax Bludge.
Reply #4 - 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....??
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1. There has never been a more serious assault on our standard of living than Anthropogenic Global Warming..Ajax
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The_Barnacle
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Re: Chevron's Tax Bludge.
Reply #5 - Apr 23rd, 2017 at 12:02pm
 
Ye Grappler 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.
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Dnarever
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Re: Chevron's Tax Bludge.
Reply #6 - Apr 23rd, 2017 at 12:11pm
 
The_Barnacle wrote on Apr 23rd, 2017 at 12:02pm:
Ye Grappler 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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