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Australia wants to crack down on Chevron's  (CVX) - Get Chevron Corporation Report aggressive tax strategy, a move that could end up costing Chevron billions of dollars. 

Chevron finances its Australian operations by providing high interest loans to its subsidiary, boosting the units operating costs and shrinking the amount of profit that is taxable. 

Chevron lost a court battle on Friday to appeal a 2015 ruling in favor of the Australian Taxation office saying that the practice was illegal. The company plans to take its case to the Australian Supreme Court. 

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