The gas sector has accepted the $2.4 billion PRRT increase on the proviso it is the last word on the matter.
, involves 16 technical changes to the PRRT and its administration that will cap tax deductions and impose tougher tax compliance measures on offshore oil and gas.Gas producers off the coast of Western Australia are expected to be most affected, including Woodside Energy, Chevron, Shell and BP.
Treasury reviews of the current PRRT system found that it was better suited to raising revenue from oil projects that deliver profits sooner, compared to high-cost gas projects that take many years to recoup their exploration and capital expenditure. The cap would not apply to certain classes of deductible expenditure in the PRRT, such as closing-down expenditure.
“That’s something most Australians would agree with, including the former government that initiated the review,” Dr Chalmers said. West Australian Labor Premier Mark McGowan, who had warned Labor to be careful given WA had given it the seats to form government at the last election, was happy with the outcome.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Fossil fuel tax changes set to give $2.4 billion boost to federal budgetChanges to the petroleum resource rent tax will help to give Australians cost-of-living relief, Treasurer Jim Chalmers says.
Read more »
‘Unspeakable tragedy’: Nine people dead after horror mass shooting at shopping mallVictims as young as five-years-old are being treated by medical personnel, with the death toll expected to rise.
Read more »
Scrap stage three tax cuts to enable higher JobSeeker paymentsThe $8 billion-a-year saving from redesigning the compensation for bracket creep can neutralise the fiscal and inflationary impact of a meaningful rise in the dole.
Read more »
Russia-Ukraine war at a glance: what we know on day 437 of the invasionWagner chief says his forces will pull out of Bakhmut while Ukraine says they are reinforcing positions; Zaporizhzhia villages near frontline evacuated
Read more »