Australia is targeting the oil and gas industry for a tax review.
It comes ahead of next year’s budget as the country looks to boost revenue after a sharp dip by collecting from multinational giants.
Treasurer Scott Morrison said taking’s from the nation’s petroleum resource rent tax has halved to $600million in the past three year.
Meanwhile, revenue from crude oil excise taxed has more than halved due to a collapse in the oil and gas prices as well as falling output.
He said: “This is about ensuring sustainability and effectiveness and efficiency of our tax system. It is actually not primarily about revenue. It is important these companies pay their fair share when it comes to these issues.”
The last time the resources industry was targeted by the Australian government was in 2010.
The move also follows a recent audit, which found that Australia’s biggest petroleum operation, the North West Shelf joint venture, whose owners include Chevron Corp and Royal Dutch Shell, may have underpaid royalties by taking ineligible deductions.
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