This 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 a glance Chevron is the world’s third largest and most profitable Oil & Gas Company - yet:
- Chevron has stashed over US$35 billion in un-taxed revenues in off-shore accounts.
- Chevron has at least 600 shell companies - and likely hundreds more - registered in Bermuda and Delaware.
- Chevron’s latest tax scheme, currently under investigation by the Australian Tax Office (ATO), could reduce Chevron’s tax bill by $35 billion or more.
- Chevron will payno royalty (PRRT) payments on Gorgon for the first 8 years or longer.
- Chevron has set aside $350 million to settle a previous Chevron tax scheme being litigated by the ATO.
- The ATO refunded Chevron $25 million in 2011.
- The US Government has not approved Chevron’s tax filings for over 7 years.