- Exxon Mobil (XOM -0.9%) tells an Australian Senate hearing that it does not expect to pay any corporate tax in the country until 2021, meaning it would not have paid the tax for eight years despite reporting billions of dollars in income from operations there.
- XOM says it had “decades and decades” of paying tax in Australia, including more than $2B since 2000, but now is in a tax loss position primarily because of the cost of $21B in capital investment in the country over the past decade, including in its operations in the Bass Strait and the huge Gorgon gas project offshore Western Australia.
- XOM's Australian tax affairs have faced close scrutiny since the release of an investigation last year that exposed a complex web of hundreds of foreign subsidiaries designed for tax avoidance.
- Now read: 'Safer' Dividend Big Gain Dow Dogs: McDonald's (NYSE:MCD), Walmart (NYSE:WMT), Procter, And United Per Broker March Metrics
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