How Chevron, Exxon and Shell Will Be Impacted By Australian Tax Legislation
By: MICHEAL KAUFMAN: Aug 17, 2015
In the past, Chevron Corporation (NYSE:CVX), Exxon Mobil Corporation (NYSE:XOM) and Royal Dutch Shell plc. (ADR) (NYSE:RDS.A) have managed to charge high interest rates from their Australian subsidiaries for the funding of their $54 billion Gorgon project. The high interest payments allowed the oil majors to enjoy massive tax-free profits. However, the Australian Senate is now working on ways to reform the corporate structure and prevent the massive flight of capital from Australia to other countries.
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