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Australian court dismisses Chevron appeal in landmark tax case#stockbroker

Australian court dismisses Chevron appeal in landmark tax case#stockbroker | Stockbroker | Scoop.it
Chevron Corp lost an appeal on Friday against the Australian tax office in a landmark case in which the U.S. energy giant contested a tax bill of A$340 million ($260 million), including penalties and interest.
Edu King Priest's insight:

"The full bench of the Federal Court dismissed the appeal against an earlier ruling that Chevron underpaid taxes by setting up a A$2.5 billion intercompany credit facility with an abnormally high interest rate which effectively lowered its taxable income within Australia."

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