The Australian Government has announced that on 18 August 2017, Chevron decided to withdraw its appeal to the Australian High Court concerning a ruling from the Australian Taxation Office (ATO) that Chevron incorrectly priced an intra-company loan to shift profits offshore and avoid tax on Australian income. The case involved an assessment issued by the ATO in 2010 of approximately AUD 340 million related to excess deductions taken in respect of an intra-company loan, which the ATO determine…