Home Strategy Tech firms take backseat to ExxonMobil in tax dodging
Tech firms take backseat to ExxonMobil in tax dodging Featured

Technology companies normally occupy the top ranks in many areas of business, including dodging taxes, but this time they appear to have been beaten by the oil company ExxonMobil.

The petroleum giant has been revealed as the worst corporate tax dodger in Australia, having made $24.7 billion in revenue over three years and not paid a cent in tax.

The Tax Justice Network Australia provided the information about ExxonMobil, based on data issued for 2015-16 by the Australian Taxation Office on Friday.

Among the technology companies that avoided contributing to the public purse were IBM, Atlassian, Acer, BAe Systems, FoxConn, Citrix and Unisys.

Two Samsung entities earned $5.3 billion in revenue and only paid $3.6 million in tax.

Other oil majors that paid no tax in 2015-16 were Shell Energy ($4.2 billion revenue), Chevron ($2.1 billion revenue), and Viva Energy ($16.8 billion revenue).

The data released covered Australian public and foreign-owned entities with total income of $100 million or more, Australian-owned resident private entities with total income of $200 million or more and entities that have to pay the petroleum resource rent tax.

More than 700 of the total of 200+ companies listed paid no tax for the year 2015-16.

Tax Justice Network Australia report author Jason Ward said: “What this research shows is that ExxonMobil has exploited Australia’s natural resources, made a ton of money and siphoned it all off overseas. By using notorious tax havens, high-interest internal loans and related party transactions they’ve sucked the taxpayer dry.

“ExxonMobil has $54 billion sitting in offshore bank accounts. Our research shows that much of that money has been funnelled from Australia through Exxon’s Dutch outfit, and ultimately through their Bahamas subsidiary. But the very idea of Exxon Australia being owned in the Bahamas raises more questions than answers.”

Ward said Exxon had misled the Senate Inquiry into Corporate Tax Avoidance in 2015 by failing to declare the company's Dutch-Bahamas structure.


Site24x7 Seminars

Deliver Better User Experience in Today's Era of Digital Transformation

Some IT problems are better solved from the cloud

Join us as we discuss how DevOps in combination with AIOps can assure a seamless user experience, and assist you in monitoring all your individual IT components—including your websites, services, network infrastructure, and private or public clouds—from a single, cloud-based dashboard.

Sydney 7th May 2019

Melbourne 09 May 2019

Don’t miss out! Register Today!



Australia is a cyber espionage hot spot.

As we automate, script and move to the cloud, more and more businesses are reliant on infrastructure that has the high potential to be exposed to risk.

It only takes one awry email to expose an accounts’ payable process, and for cyber attackers to cost a business thousands of dollars.

In the free white paper ‘6 Steps to Improve your Business Cyber Security’ you’ll learn some simple steps you should be taking to prevent devastating and malicious cyber attacks from destroying your business.

Cyber security can no longer be ignored, in this white paper you’ll learn:

· How does business security get breached?
· What can it cost to get it wrong?
· 6 actionable tips


Sam Varghese

website statistics

Sam Varghese has been writing for iTWire since 2006, a year after the sitecame into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.


Popular News




Guest Opinion


Sponsored News