Reports

Read our investigative reports and submissions on tax avoidance schemes in Australia and the UK.

 

Harnessing the Boom: How Australia Can Better Capture the Benefits of the Natural Gas Boom

THE MCKELL INSTITUTE | April 2017

Australia is on the cusp of a natural gas boom. The growth in the industry over the last few decades has seen natural gas become Australia’s second largest export after iron ore, with hundreds of billions of dollars worth of natural gas set to be exported in the coming decades. But to capitalise on this singular event in the economic history of Australia, an appropriate compensation mechanism must be in place to ensure the Australian economy benefits to the extent it is entitled. 

 
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Japan set to collect more tax revenue from Australian gas than Australia will collect in PRRT

ITF PRRT BRIEFING PAPER 4 | March 2017

Japan – the world’s biggest importer of LNG – is set to collect more tax revenue from Australian gas than Australia will collect in PRRT from all LNG production. Australia is on the verge of being the world’s biggest exporter of LNG. Over the next 4 years Australian will collect zero in PRRT revenue from the five new offshore LNG projects and no direct royalties are paid.

 
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Submission to the Petroleum Resource Rent Tax Review

SUBMISSION | February 2017

This submission focuses on offshore gas projects which are only subject to the PRRT. The submission examines the promises of government revenues, outlines the key failures of the PRRT system and proposes a new royalty regime to ensure that Australians receive the benefits for their natural resources, and that the oil and gas industry competes on a level playing field. While further economic modelling is underway, we believe that this proposal could generate $4 to $6 billion over the forward estimates.

 
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An International Comparison of Australian Government Revenues from Oil and Gas Production

ITF PRRT BRIEFING PAPER 3 | November 2016

A comparison of Australia's top competitors in the growing LNG export industry shows that Australia is falling far behind in its ability to capture sufficient public benefit from private exploitation of oil and gas resources. Australian government revenues from oil and gas in 2014 were significantly less than those of the other leading LNG producers, even after accounting for varying levels of production.

 
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The Chevron Way: Polluting California and Degrading Democracy

ITF REPORT | November 2016

Chevron, one of California’s most profitable companies, and one of the world’s largest oil companies, pollutes California’s air and corrupts the State’s political process by spending hordes of cash to get what it wants from politicians.

 
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Comparison of Australia and Qatar LNG Exports and Revenues

ITF PRRT BRIEFING PAPER 2 | September 2016

By 2021, Australia's LNG export volumes are predicted to exceed those of Qatar. The Australian Government is expected to receive only $0.8 billion in PRRT revenues in 2019-20, about 2 per cent of LNG export sales. At the same time, the Government of Qatar is forecast to collect $26.6 billion in royalties from LNG exports, equivalent to a share of 23 per cent. 

 
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Offshore Oil, Offshore Tax: A Case Study of Chevron's North Sea Oil Operations

ITF REPORT | August 2016

Chevron’s corporate structure in the UK should ring alarm bells about aggressive tax minimisation and may provide an example of how multinationals, particularly other oil companies, defraud the UK public. Report recommends that the UK should immediately adopt public country by country reporting for all multinationals and launch a parliamentary inquiry into the oil and gas industry’s tax haven ties. 

 
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ITF Submission to Australian Senate Inquiry on Corporate Tax Avoidance

SUBMISSION | November 2015

The ITF is deeply concerned that corporate tax avoidance is depriving much-needed funds from schools, hospitals and other essential services. Our research suggests that Chevron’s aggressive tax planning may represent the largest tax avoidance scheme in Australia.

 
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Australian LNG Exports to Boom, Tax Revenue is a Bust

ITF PRRT BRIEFING PAPER 1 | October 2015

Australia’s oil and gas industry carried forward $156 billion in PRRT credits into the 2014/15 financial year. PRRT is the primary federal tax collected by the Australian Tax Office (ATO) on all oil and gas production. The PRRT is supposed to collect 40% of a project’s taxable profit, but appears to have become rife with loopholes, exemptions and deductions that limit the tax collected.

 
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Chevron's Tax Schemes: Piping Profits out of Australia?

ITF & TAX JUSTICE NETWORK AUSTRALIA REPORT | October 2015

As the world’s largest LNG project prepares to flow, billions of future tax revenues are at stake in Australia. Report examines Chevron’s complex business structure, involving subsidiaries in Bermuda, Singapore and Delaware, which facilitates aggressive tax avoidance in Australia.