Australia’s federal government could reap $1.5 billion per year in tax revenue if the country’s new LNG projects are included in a 10% commonwealth royalty proposed by the Tax Justice Network, according to the Illawarra Mercury.
The organisation submitted its findings to Treasurer Scott Morrison’s review of the petroleum resource rent tax. The 10% royalty is paid by onshore developments in Queensland and the 33-year-old North West Shelf project in Western Australia, but new LNG projects have largely been exempt.
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