Companies & Finance

Australian resource tax changes to hit oil and gas companies

Oil and gas companies in Australia will pay more tax under changes to the petroleum resource rent tax
By Staff reporter 27 April 2018 0 30635

Oil and gas companies in Australia will pay more tax under changes to the petroleum resource rent tax, The Age reported on Thursday.

The change will curb “uplift concessions”, which determine tax deductions associated with exploration and construction, but existing projects are likely to be exempted.

Australia is set to overtake Qatar as the world’s biggest LNG exporter by 2020, but is forecast to receive much less in tax revenue than the Middle Eastern country.