Australia Treasury Announces Proposed Changes to Petroleum Resource Rent Tax

The Australian Treasury May 7 announced proposed changes to the petroleum resource rent tax (PRRT) to deliver a fairer return to the community from its natural resources. The announcement includes: 1) the introduction of a cap on the use of deductions from July 1; and 2) a 90 percent deduction offset cap for PRRT assessable income. [Australia, Treasury, 05/07/23]

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