| ExxonMobil to front Senate tax inquiry

March 13, 2018


2018-03-13 16:40:35

Executives from oil and gas giant ExxonMobil will front a senate inquiry into corporate tax avoidance in Melbourne.

Protesters plan on rallying against the energy giant outside the InterContinental Hotel where a public hearing is being held into ExxonMobil’s multi-billion dollar earnings but zero tax payments.

A report by the Australian Tax Office released in December revealed Exxon reported $6.7 billion in income in the 2016 financial year, but reported a loss for taxable income because it invested nearly $18 billion in the past few years on major projects.

The ATO will also give evidence to the Senate inquiry on Wednesday afternoon.

The current inquiry is a reboot of a Senate investigation first started in 2014.

The last one lapsed when the 2016 federal election was held and a new one started in October of the same year.

The committee has been granted three extensions and will deliver its report in May.

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