Exxon Mobil will not pay tax until 2021, a Senate inquiry has heard, the eighth year in a row it will not contribute to government revenue despite earning $7 billion last year.
Australia’s tax take from natural resources has come under criticism after it was revealed the country would become the largest exporter of gas in the world by 2020 while earning the second lowest share of revenue.
Appearing before a Senate inquiry into corporate tax avoidance on Wednesday, Exxon executives said they had made “a significant contribution to Australia’s economic wellbeing,” and would begin paying about $600 million in tax every year from the early 2020s, once the capital depreciation from their mining investments had wound down.
Reuters (great photos): https://www.reuters.com/article/us-australia-taxavoidance-exxon-mobil/exxonmobil-expects-to-resume-paying-australian-corporate-tax-in-2021-idUSKCN1GQ0DE?feedType=RSS&feedName=businessNews&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+reuters%2FbusinessNews+%28Business+News%29
ABC Gippsland / The Drum (Very good piece): https://www.abc.net.au/news/2018-03-15/workers-angry-after-exxon-mobil-tax-admission/9550950
Michael West, with pictures of Sen Kitching, Ketter and Cameron: https://www.michaelwest.com.au/poor-misunderstood-exxon-faces-unfair-senate-grilling/
Hearing Livestream: https://www.facebook.com/makeexxonpaytax/videos/1630419883738339/
News meme out of hearing on Facebook:https://www.facebook.com/makeexxonpaytax/photos/a.1529661527147509.1073741829.1525763867537275/1630797530367241/?type=3&theater
Twitter interactions on #MakeExxonPay: https://twitter.com/search?q=%23makeexxonpay&src=tyah