Decision viewed as landmark victory for Australian Taxation Office but energy group says it might lodge appeal with high court

Multinational energy group Chevron has been left with an increased tax bill of $340m after losing an appeal in a landmark profit-shifting case.

The full federal court unanimously upheld a decision on Friday that Chevron engaged in transfer pricing by paying a higher rate of interest on a loan from its subsidiary to shift profits from Australia to the United States.

Related: Profit-shifting by multinationals costs Australia $6bn a year, research shows

Related: More than a third of big companies paid no tax in 2014-15, ATO reports

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