Chevron loses long-running battle with ATO, faces multimillion-dollar tax bill

SYDNEY MORNING HERALD
Nassim Khadem & Sarah Danckert
23 October 2015

Multinational oil giant Chevron has been hit with a tax bill of about $300 million after losing a landmark profit-shifting case that could have global implications for the way tax is assessed.

The Australian Tax Office's case in the Federal Court case has been closely watched by the tax and business community, and will give the ATO greater confidence to challenge other multinationals about their tax affairs.

The decision comes as the ATO has another audit underway relating to a $35 billion loan that Chevron has used in relation to the Gorgon gas project.

Labor senator Sam Dastyari, who has been outspoken about profit shifting by multinationals since the Senate inquiry into corporate tax avoidance, said: "This is good news for Australian taxpayers and the Australian tax base."

> Read more: http://www.smh.com.au/business/the-economy/chevron-loses-longrunning-battle-with-ato-faces-multimilliondollar-tax-bill-20151023-gkgk6y.html#ixzz4BcC3PjHa