AUSTRALIAN FINANCIAL REVIEW
9 November 2015
Chevron Australia's US parent company paid income tax of only $248 last year despite earning an estimated $1.73 billion profit on interest charges to its Gorgon LNG development, documents filed with the Senate inquiry into corporate tax avoidance show.
Chevron Australia Petroleum Company, incorporated in Delaware, charged its subsidiary Chevron Australia $1.8 billion in 2014, more than 25 times the interest cost it pays to external lenders, on $36.5 billion of debt.
None of this profit appears to have been taxable in the US, with Chevron APC paying less than $US200 a year tax for the last decade, documents submitted to the tax inquiry by the International Transport Workers' Federation (ITF) show.