PRRT compromise defuses Australia's tax debate
On 2 July 2010, the Australian government announced an agreement on tax reforms, with the largest players in the resource sector. Petroleum Resource Rent Tax (PRRT) has replaced the proposed super profits tax (RSPT) in the oil and gas sector, following two months of intense opposition and some major concessions from the Australian government. The new regime is less of a burden on industry than RSPT and results in only a marginal decrease in project value.
Our new Insight covers the key points in understanding the implications of the proposals, which include:
- The revised proposal and where it will be applied
- Which project types will be most affected
- The economic impact on project value and project profitability
- The complexity of determining true market value for tax purposes
To register to receive Wood Mackenzie's new Insight "PRRT compromise defuses Australia's tax debate", please click on the "Register your interest" button below.
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