Chevron adds $7b to 'in house' loan, critics say move designed to shift income offshore

ABC NEWS
Stephen Long
9 June 2016

A multinational corporation labelled Australia's worst tax avoider by members of a Senate inquiry has added $7 billion to an "in house" loan that critics say is designed to shift billions of dollars of income offshore.

Chevron's latest financial accounts show that a shell company in Delaware has now lent a total of $42 billion to Chevron Australia Holdings Pty Ltd, the Chevron subsidiary developing the vast Gorgon gas project in Australia's northwest.

"It really shows continuing contempt for the Australian Government and the Australian people," Jason Ward, a researcher with the union-backed ITF, told the ABC.

"This is really a tax scheme designed to avoid payments, once profits start to flow on the Gorgon project and the Wheatstone project."

> Read more: http://www.abc.net.au/news/2016-06-09/chevron's-%247b-loan-aims-to-shift-income-offshore,-critics-say/7498002