SYDNEY: Australian Treasurer Jim Chalmers urged minor political parties on Sunday (May 7) to back proposed changes to the Petroleum Resource Rent Tax (PRRT) paid by the offshore LNG industry, as the industry's lobby group welcomed the move. The government estimates the changes, which would hike tax paid by
SYDNEY: Australian Treasurer Jim Chalmers urged minor political parties on Sunday to back proposed changes to the Petroleum Resource Rent Tax paid by the offshore LNG industry, as the industry's lobby group welcomed the move.
Asked about potential opposition to the PRRT changes from minor party senators, Chalmers told Sky News television:"I’d encourage the parliament to support this." Under the changes, the government will adopt most recommendations of a Treasury review - initiated by the previous conservative government - of gas transfer pricing rules, including limiting how much PRRT assessable income on LNG projects can be offset by deductions to 90 per cent, from Jul 1.
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