Morrison stands his ground on PRRT as oil giants cry foul

THE AUSTRALIAN
David Crowe
9 March 2017

The federal government is holding out against an industry push to stop a tax hike on the $200 billion oil and gas sector in a furious dispute before the May budget, as Scott Morrison insists on waiting for a full review before ruling on the idea.

The Australian has been told the Treasurer stared down demands to kill off the tax proposal in recent weeks as the big oil and gas exporters warn against changes to the resource rent tax, in place since the 1980s.

A leading option, revealed in The Australian yesterday, is a “minimum resource tax” that would operate like a royalty and could limit the ability of companies to use big capital expenses to push their PRRT obligations far into the future.

> Read more: http://www.theaustralian.com.au/business/mining-energy/morrison-stands-hisground-on-prrt-as-oil-giants-cry-foul/news-story/1148700f4369a6a3f7f063225462cf91?csp=f7b293232da3c2037379a8e200202702