Chevron is disappointed in today’s decision of the Federal Court of Australia regarding its financing dispute with the Australian Taxation Office. We will review the decision to determine next steps, which may include an appeal to the High Court of Australia.
As recognized by the trial court in the dispute, the financing is a legitimate business arrangement and the parties differ only in their assessments of the appropriate interest rate to apply.
Chevron Australia pays a substantial amount of tax in Australia, including royalties, payroll tax, fringe benefits tax, excise and interest withholding tax. Since 2009, we’ve paid almost $4 billion in federal and state taxes and royalties.
We are one of Australia’s largest investors and employers. In addition to tax payments, Chevron will continue to deliver substantial economic benefits for decades to come.