http://www.world-psi.org/en/chevrons-aggressive-tax-avoidance-exposed-global-summit - A report released today has revealed
the extent of tax avoidance undertaken by US-based oil giant, Chevron,
on its largest global project – the Gorgon LNG project in Australia.
The report, Chevron’s Tax Schemes: Piping profits out of Australia?,
was produced by the International Transport Workers’ Federation (ITF)
and endorsed by the Tax Justice Network –Australia and has unveiled how
much tax revenue may be lost through complex profit shifting schemes. At the same time as Chevron has set aside AUD$352 million to settle a lawsuit with Australian Tax Office (ATO), Chevron has developed a new tax avoidance scheme. This high-interest related party loan, from a Delaware subsidiary, is worth more than AUD$35 billion.
See the full story at http://www.world-psi.org/en/chevrons-aggressive-tax-avoidance-exposed-global-summit
