The International Transport Workers’ Federation (ITF) has released a report in which it claims to expose Chevron’s aggressive tax avoidance on its Gorgon LNG project in Australia.
The report, entitled Chevron’s Tax Sceheme: Piping profits out of Australia?, has been endorsed by the Tax Justice Network – Australia. It claims that Chevron has developed a “new tax avoidance scheme” – a high-interest related party loan from a Delaware subsidiary, worth over AUS$35 billion.
A joint press release from the ITF and Public Services International (PSI) read: “The potential lost revenue from Chevron’s tax avoidance scheme is more than Australia’s annual budget for education and more than half the annual budget for health.”
Paddy Crumlin, ITF President, said: “For public confidence in the integrity of tax systems, they must be transparent and fair […] The gas that will be extracted from Australia’s waters and sold overseas is owned by the Australian people and as a result should benefit those people through jobs and tax revenues […] If Chevron and other multinationals paid their fair share, governments would not have to cut funding for schools, hospitals and other essential public services.”
The report was released at the Global Labour Tax Summit held at the International Labour Organisation (ILO) in Geneva, Switzerland.
Edited from press release by Callum O'Reilly
Read the article online at: https://www.lngindustry.com/liquefaction/18092015/itf-report-questions-chevron-gorgon-lng-tax-1321/