Policy & Regulation

IOCs under pressure in Australia on corporate tax

A Senate inquiry into tax avoidance is due to report in May, and many of the submissions have been highly critical of oil and gas companies A Senate inquiry into tax avoidance is due to report in May, and many of the submissions have been highly critical of oil and gas companies.
By Sally Bogle 14 March 2018 0 29992
ExxonMobil’s Snapper platform in Australia’s Bass Strait. (ExxonMobil Australia)

Foreign energy companies with operations in Australia such as ExxonMobil, Inpex, Shell and Chevron are under pressure to become more transparent about their corporate tax accounting. It follows a Senate Economics References Committee inquiry into corporate tax avoidance that was launched in October 2014, has been extended several times and is due to report in May this year. 

In December 2016, the inquiry committee broadened its scope to include taxes paid by corporations involved in Australia’s offshore oil and gas industry, including royalties and the Petroleum...