20 June 2008 - 10:45Tax Refund of $101M Rejected by Court

Chevron should have come to TaxFix for their tax refund as a federal court disallowed a tax refund request for $101million on Wednesday 18th June. In previous procedings U.S. District Judge Saundra Armstrong of Oakland had allowed the tax refund to much relief of the oil company, however on appeal this was overturned.

The case dates back to 2001 when Texaco (which was bought out by Chevron) overpaid taxes for the years 1988 and 1990 because a tax deduction was not claimed relating to a $1.25 billion settlement it reached with the U.S. Energy Department in 1988.

With governments spending many billions, and creating historically high deficits. It is no wonder that they are coming down hard on companies who they see as an easy short term target. Similar Tax Rebates problems are occurring in the European union. The result could be that firms move their headquarters to move favorable locations.
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