Tax from gas industry forecast to double as industry pushes back on calls for tax changes
- adamhayden011
- Apr 21, 2023
- 1 min read
The gas sector has pushed back on broad calls for tax reform aimed at increasing revenue from the industry, pointing to forecasts of a surge in tax being paid this year.
Industry forecasts suggests the total tax paid to state and federal governments this financial year will more than double, from $6.5billion last year to $16.3 billion.
That includes a quadrupling in company tax from $2 billion to $8.8 billion, but only a modest increase in petroleum resources rent tax (PRRT) from $1.2 billion to $1.8 billion.
The federal government has been preparing the ground for changes to the PRRT, which could form part of next month's budget.
Comments