Federal Government releases petroleum rent tax draft
Treasury has released an exposure draft legislation for the extension of the Petroleum Resource Rent Tax (PRRT) for public comment.
The release of the exposure draft comes as the Federal Government announced last year the extension of the PRRT to all Australian onshore and offshore oil and gas projects, including the North West Shelf.
" We thank the petroleum industry, tax professionals and other stakeholders who have engaged in consultations for their constructive contributions. We encourage all stakeholders, including coal seam gas producers, to make submissions to inform the final design of the legislation," Treasurer Wayne Swan said in a statement.
" The Government is continuing to work with industry and tax professionals to ensure that the PRRT and the Minerals Resource Rent Tax are administered in an efficient and transparent manner, with a particular focus on issues confronting small companies."
Treasury will release the second exposure draft legislation on the MRRT in the near future.
The PRRT draft legislation and explanatory material are available on the Treasury website http://www.treasury.gov.au. Consultation closes on 29 September 2011.