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.
Read Eryk Bagshaw’s story from The Age - “Energy companies will pay more under budget changes that could also secure company tax win.”