The PRRT was designed to capture 40% of the profits companies earn from selling our oil and gas, yet in 2013-14, it earned just 5% of the $29.5bn oil and gas companies earned from those resources because of the overly generous tax credits. And the tax take is falling.
AUSTRALIAN FINANCIAL REVIEW
It's been described as the most significant tax case ever litigated in Australia. The Australian Tax Office is pursuing Chevron over a $US2.5 billion ($3.7 billion) inter-company loan. Immediately at stake is roughly $340 million in taxes, penalties and interest on the 2003 loan. But that's not the half of it.
Oil and gas companies could lose some of their generous tax deductions following a review of the Petroleum Resource Rent Tax (PRRT). Featuring Tax Justice Network's Jason Ward.