Shame on you Chevron - Congrats to Aussie Tax Payers. Let's hope that you've learnt your lesson and won't be pushing your deceptive and shameful practices in other jurisdictions.
http://www.smh.com.au/business/the-economy/multibillion-dollar-tax-windfall-after-chevron-abandons-appeal-20170818-gxz718.html
I wonder if I can go Centrelink and ask for a unemployment benefit increase and chuck a few extra punts at TAB.
Yes, Thanks Australia For giving the butthurt loser anonymous cowards that were laid off from CVX on this site an excuse to whine and cry themselves to sleep! You are doing a great service and don't even know it!
Chevron fvcked lots of honest employees out of their jobs through layoffs to save $10 billion and more. I smile when Karma comes back to bite the company in the azz to the tune of $10 billion. Thanks, Aussie's for lifting my spirits. I relish the day Chevron has to fork out another $10B somewhere else. You guys at HOU150 and HOU140 will hear my laugh from across town.
Seems like a nerve has been struck here. We won't worry - we have 4 cities rated in the top 10 as the best places to live in the world. We will be ok - as there will always be a demand for our resources and agri products in Asia.
Rather than throw insults at me - why don't you throw them at your management - and get them to try and clean up their act and become better corporate citizens in the country you operate in.
Shame on you Chevron!
"learnt"? Consider the Aussie pathetic loser source. Don't expect your suffering economy to improve anytime soon, especially with the way your treat your former business partners.... The poster below who said Bank it - you desperately will need it, that's all you get, was 100% spot on.
your comments about Libor are spot on, but the difference between Chevron and the other JV parties is that you pushed the parameters too far on the interest rate differential!
Exxon and Shell are not in this situation?...and why not? Because they didn't push the rate differential out to 7%... it was a pure profit grab to get a tax deduction and have the income go to a low or no tax jurisdiction.
Chevron management has no accountability and pursue these practices because of pure greed and total disregard for the countries that they are operating in.
Where is Chevron's social conscience when it comes to these practices? Where is the accountability for these dodgy practices?
Instead of spending your money on sponsoring our City to Surf with your Human Energy flags flying, why don't you just bloody well pay your taxes!
Npq - Asia will always want our resources so we have nothing to worry about needing to bank our money in the future. Why don't you have a look at your own government debt.....you can't sustain what debt levels you have going forward..
You hit it on the nail OP3I0I4, Chevron has already received claims from other governments for avoiding VAT for manufactured goods and fabrication sites on all its past and present major capital projects including Gorgon, Wheatstone and FGP. It doesn't get any better. The layoffs in various parts of the world actually backfired on Chevron where their tax people were trying to hide their presence.
Only going to drive businesses out of Australia. Make sure you bank the money well.
No use complaining. You can see Chevron employees are too busy attacking people who have been let go, spewing petty insults like 'butt hurt' and 'deadwood' and going on and on trying to convince themselves they love their job and the company is great. You can only put lipstick on a pig for so long, but there will always be some fanboys who have nothing better to do than come on these boards and ignore the facts. The performance speaks for itself.
Read the tax case first......should small Australian affiliate get same borrowing rate as CVX Corporation? No. Does Australia allow a tax deduction for interest expense.......Yes. Only issue here is whether interest rate on back-to-back loans was appropriate. Hindsight is 20/20. LIBOR plus 1 or 2% would have (probably) resulted in different outcome.
You said it -ind. That's the ticket.
JW does not care. Just lay off another one or two thousand people, cut CAPEX another one or two billion and keep raising the dividend and playing golf.
We need a new CEO, New Board and New Upper Management. Bonus's should be stripped. We all have to pay taxes, period. It just keeps going, toxic company, wrong decisions, fatalities all within the last 6 months. Gorgon and Wheatstone have been a disaster. Take accountability!!!!! You are in charge of a fortune 500 company start acting like it or get out. Kind of like the presidency, they look really good going in and look like crap going out. What is really funny is all the times that you didn't even show up to your company meetings. So are you going to duck this next one. How do you sleep at night? Just like a ship you are the captain. My 10 year old can do better.
Celebrating here in little old Perth. How many hospitals, teachers, and schools does this equate to? Bloody marvellous. And typically no one is going to be held responsible! I can't wait to see other jurisdictions take the same path with this given the wonderful precedent it sets.
I'm sure our all-star beancounter CEO will not be held accountable for this either.
Everything he touches is a disaster. Kind of like the Cheeto in Chief.