International Transport Workers Union and Public Services International issued a report looking into Chevron’s tax schemes on its largest global project the Gorgon LNG.
ITF said the report has unveiled how much tax revenue may be lost through complex profit shifting schemes.
At the same time as Chevron has set aside AUD$352 million to settle a lawsuit with Australian Tax Office, ITF claims that the US-based giant has developed a new tax avoidance scheme. This high-interest related party loan, from a Delaware subsidiary, is worth more than AUD$35 billion.
This new tax scheme is currently being audited by the ATO. ITF also revealed that Chevron and other oil companies in Australia are being called before a Senate Inquiry into Corporate Tax Avoidance.
Rosa Pavanelli, General Secretary of Public Services International together with ITF President Paddy Crumlin called on the governments to close the loopholes in the outdated international corporate laws noting that the technical solutions exist.
Speaking at labour tax summit in Geneva, the International Trade Union Confederation’s General Secretary Sharan Burrow has called for a global examination of Chevron’s tax schemes.
Chevron’s tax filings have not been approved by the United States government since 2008; in Nigeria since 2000; Angola since 2001; Saudi Arabia since 2012 and Kazakhstan since 2007, unions claim.
LNG World News Staff; Image: Chevron