Exxon won’t pay tax until 2021, hasn’t paid any for years, inquiry hears

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.

References:

SMH: https://www.smh.com.au/politics/federal/exxon-won-t-pay-tax-until-2021-hasn-t-paid-any-for-years-inquiry-hears-20180314-p4z4ba.html?csp=ed847cb736289a56ea2d67ab86c5ef41

The Age: https://www.theage.com.au/politics/federal/exxon-won-t-pay-tax-until-2021-hasn-t-paid-any-for-years-inquiry-hears-20180314-p4z4ba.html?csp=07f4d28c612567795ce86f52d2700343

Guardian: https://www.theguardian.com/business/2018/mar/14/exxonmobil-doesnt-expect-to-pay-any-australian-tax-until-2021-inquiry-hears

AFR: https://www.afr.com/news/exxonmobil-wont-pay-corporate-tax-until-at-least-2021-20180314-h0xgfq

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

9News TV: www.facebook.com/makeexxonpaytax/videos/1631794973600830/

ABC Gippsland / The Drum (Very good piece): https://www.abc.net.au/news/2018-03-15/workers-angry-after-exxon-mobil-tax-admission/9550950

ABC Online: https://mobile.abc.net.au/news/2018-03-15/exxon-mobil-will-not-pay-tax-until-2021/9549034

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