Chevron turns to High Court over ATO bill
PERTH (miningweekly.com) – US oil and gas major Chevron was seeking special leave to appeal a A$340-million tax bill in the Australian High Court.
The Full Federal Court in April dismissed the company’s appeal of the Australian Taxation Office (ATO) bill, ruling that the US-based company had used an intra-company loan as a means to shift profits offshore, and thus avoided paying income taxes in Australia.
However, Chevron pointed out this week that the Federal Court had recognised that the company’s financing was a legitimate business arrangement, and that the parties only differed in their assessment of the appropriate interest rate to apply.
“Chevron Australia pays a substantial amount of tax in Australia, including royalties, payroll tax, fringe benefits tax, excise and interest withholding tax. Since 2009, we’ve paid about $4.5-billion in federal and state taxes and royalties.
“We are one of Australia’s largest investors and employers. In addition to tax payments, Chevron will continue to deliver substantial economic benefits for decades to come,” the company said in a statement this week.
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