3 ms·
Chevron paid only $248 tax on $1.7b profit
- acconrad 11y agoI investigate my own stocks and I was recently reading about a refundable / deferred income tax on a balance sheet [1]. Oftentimes when headlines like this come out, I wonder if we're seeing the whole story - that perhaps this year they were only subject to $248 in taxes, but the true tax burden may be deferred to a future year, which is often an accounting nightmare for investors because a "bad" quarter/year might simply come down to deferred liabilities. This, however, is not the case. And I think this case brings up the ever-present issue of incorporation loopholes [2]. It is clear that in this case, the incorporation of entities of Chevron in Australia and the US, Chevron has managed to evade taxes through such loopholes, which are incredibly disingenuous. It's time to start thinking about this incorporation loopholes and make sure that companies are held accountable for the money they make in the various sovereignties that their customers occupy. [1] http://www.investopedia.com/terms/d/deferredincometax.asp http://www.investopedia.com/terms/d/deferredincometax.asp [2] https://www.quora.com/Would-you-recommend-registering-a-company-in-the-Cayman-Islands https://www.quora.com/Would-you-recommend-registering-a-comp...