Chevron: ITF’s tax evasion allegations incorrect

U.S. oil giant Chevron has hit back at London-based International Transport Workers Federation (ITF) which accused Chevron of using secretive corporate structures and aggressive tax evasion schemes to reduce its tax in the UK.

In a statement sent to Offshore Energy Today, Chevron said this: “Chevron North Sea Ltd fully complies with all tax laws relating to its North Sea UK interests and the allegations made by the International Transport Workers Federation are incorrect.”

Chevron North Sea Limited, Chevron’s UK subsidiary has interests in 10 offshore producing fields in the United Kingdom. It operates three fields and has interests in seven non-operated fields.

Regarding the tax evasion claims, Chevron further said: “In the past 10 years, Chevron’s North Sea related activities have generated a tax contribution to the U.K Exchequer of more than £3.5 billion. Corporation Tax from North Sea profits is ring fenced by law in the UK and untaxed profits are not taken outside of the UK.”

To remind, in its report, ITF claims that tax avoidance is Chevron’s business model and that the company uses cash pooling and offshore accounts, which helps to avoid tax obligations.

Steve Cotton, ITF General Secretary, said that the report laid out in detail the secretive corporate structures used by Chevron and now copied by other oil companies.

“The public would be shocked to see how Chevron uses a complex web of companies to route money through the Netherlands, Bermuda and other tax havens.”

Cotton has called on the UK Parliament to establish an inquiry to investigate the corporate structures used by the oil companies operating in the North Sea and the impact they have on security, taxes and royalties. In his belief, the public will demand action from political leaders regarding the facts stated in the report.

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Posted on August 25, 2016 with tags , .

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply