Thursday, April 26, 2018

Energy companies will pay more under budget changes that could also secure company tax win

Oil and gas giants will be forced to pay billions more in tax under changes to the Petroleum Resources Rent Tax that could also deliver the Turnbull government a shock victory on its stalled company tax cuts.
Treasurer Scott Morrison ordered a review into the system in 2016.
It is understood next month's budget will tackle longstanding concerns about the way energy companies are taxed by curbing "uplift concessions", which determine tax deductions associated with exploration and construction. But in a concession expected to win industry support, the changes will exempt existing projects.

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