Government will raise an extra $6bn in revenue with surprise change to petroleum resource rent taxThe booming offshore gas industry will be hit with an unexpected tax hike after the Morrison government revealed plans to change the tax treatment for some existing oil and gas projects. Treasurer Josh Frydenberg says the government hopes to raise an extra $6bn in revenue over the next 10 years by changing the settings of the petroleum resource rent tax (PRRT). “Attracting investment in natural gas and oil production has never been more important for Australia,” Roberts said in a statement. “In fact, over the past 30 years, oil and condensate production has nearly halved, and gas production has increased over sevenfold. Review of gas transfer pricing regulations: Treasury will commence a review into the regulations that determine the price of gas in integrated LNG projects for PRRT purposes.

Source: The Guardian November 02, 2018 21:18 UTC