Chevron accepts hefty tax bill

The oil major has settled a case against Australian authorities concerning a disputed tax bill and interest payments. The case could return AUD 10 billion to tax payers, says Australia's federal revenue and financial services minister.

Chevron delivered its first LNG cargo from the Gorgon facility in March 2016. | Photo: Chrevon

US oil major Chevron has entered a settlement agreement with the Australian Taxation Office (ATO). The oil company had already submitted an appeal to the Australian High Court after the federal court ruled in April that Chevron was guilty of tax evasion. This appeal has now been withdrawn.

"Chevron Australia has reached agreement with the Australian Taxation Office on the loan transfer pricing dispute and have withdrawn our appeal to the High Court," the company said in an emailed statement to Reuters.

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