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Australia oil and gas companies may be accused of not paying taxes

The Australian Ministry of Finance starts the investigation on oil and gas companies which work in country for a suspicion not paying taxes of around billion dollars.

07.Dec.16 3:04 AM
By Anna Tuzova


Australia oil and gas companies may be accused of not paying taxes
According to the Treasure-General Scott Morrison, the income from oil fields rent has been halved to 600 million dollars since 2013. Excise tax has fallen as well.

On this week earlier the report of Commonwealth Auditors General has shown that operators of the largest oil project had covered up about 3,7 billion US dollars through various deductions, some of which are illegal. Among suspects are Chevron, Shell, BP and the largest independent oil and gas Australian company Woolside.

Woolside has already stated that they are ready to fully cooperate with the government, pointing out that oil and gas companies are under a considerable financial pressure caused by fall in oil prices. 
Government assure that the investigation is aimed at enhancing of the effectiveness of the Australian tax system in the oil and gas sector.

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