Ampol, Australia Agree to $109 Million Settlement Over Tax Fight

The Australian tax authority and Ampol said Monday they’ve agreed to a settlement involving a tax dispute over the company’s hubs in Singapore and Australia from 2014 to 2022.

The AUS $157 million ($109 million) settlement addresses “transfer pricing outcomes of refined products and crude oil between Ampol Singapore and Ampol Australia as well as how Australia’s controlled foreign companies regime will apply to the profits of Ampol Singapore,” the Australian Tax Office said.

• “We are keen to ensure that procurement hubs are not used as a mechanism to shift profit from Australia by charging excessive prices for imported ...