US oil major Chevron has entered a settlement agreement with the Australian Taxation Office (ATO). The oil company had already submitted an appeal to the Australian High Court after the federal court ruled in April that Chevron was guilty of tax evasion. This appeal has now been withdrawn.
"Chevron Australia has reached agreement with the Australian Taxation Office on the loan transfer pricing dispute and have withdrawn our appeal to the High Court," the company said in an emailed statement to Reuters.
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