American energy giant ExxonMobil has been named Australia’s worst tax dodger by Tax Justice Network Australia.
Its report shows that the company earned AUS$24.7 billion (US$19 billion) in the country over the last three years but paid zero tax. Tax Justice cites the use of “notorious” tax havens, high-interest internal loans and related party transactions.
ExxonMobil has AUS$54 billion (US$41.4 billion) in offshore bank accounts, claims the document, with much of the money channelled away from Australia via the company’s Dutch arm and, from there, into its subsidiary in the Bahamas.
According to Business Review Australia, the Senate Economics Committee recently extended its inquiry into corporate tax avoidance and is expected to call in Exxon executives for a lengthy appearance in early 2018.
Exxon claims it has generated no taxable Australian income as the money has been invested in Australian projects, including Gorgon and the Kipper Tuna Turrum gas fields.
Other energy companies including Chevron are also accused of moving money offshore, along with mining giants BHP and Rio Tinto.
Emma Woollacott is a freelance business journalist. Her work has appeared in a wide range of publications, including the Guardian, the Times, Forbes and the BBC.
American energy giant ExxonMobil has been named Australia’s worst tax dodger by Tax Justice Network Australia.
Its report shows that the company earned AUS$24.7 billion (US$19 billion) in the country over the last three years but paid zero tax. Tax Justice cites the use of “notorious” tax havens, high-interest internal loans and related party transactions.
ExxonMobil has AUS$54 billion (US$41.4 billion) in offshore bank accounts, claims the document, with much of the money channelled away from Australia via the company’s Dutch arm and, from there, into its subsidiary in the Bahamas.
According to Business Review Australia, the Senate Economics Committee recently extended its inquiry into corporate tax avoidance and is expected to call in Exxon executives for a lengthy appearance in early 2018.
Exxon claims it has generated no taxable Australian income as the money has been invested in Australian projects, including Gorgon and the Kipper Tuna Turrum gas fields.
Other energy companies including Chevron are also accused of moving money offshore, along with mining giants BHP and Rio Tinto.
Emma Woollacott is a freelance business journalist. Her work has appeared in a wide range of publications, including the Guardian, the Times, Forbes and the BBC.
