Kelvin Thomson (Wills, Australian Labor Party) Share this | Hansard source

asked the Treasurer, in writing, on 14 November 2014:

(1) Is he aware of a report by Georgia Wilkins 'ATO alleges complex Chevron scheme slashed tax bill by $258m' (The Age, 9 October 2014) that Chevron created an entity in Delaware, United States, for the sole purpose of lending money to its Australian subsidiary in order to avoid tax.

(2) Is he aware that the process is alleged to have netted Chevron up to $862 million in tax free dividends over five years.

(3) Is he aware that the Tax Justice Network (TJN) estimates that up to $80 billion in tax payments has been avoided by the biggest 200 stock market-listed companies over the past ten years due to tax minimisation strategies.

(4) Is he aware that TJN representative Dr Mark Zirnsak has stated that artificial debt loading was a 'significant form of tax avoidance globally' and that the Chevron case highlights the need for Australia to be part of the work that the OECD is doing to address this particular type of tax avoidance.

(5) What action is the Australian Government taking, either directly or through international channels such as the OECD and the G20, to crack down on tax avoidance through the use of artificial debt loading.

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