Petroleum Resource Rent Tax changes welcomed by upstream oil & gas industry
Posted: 25 May 2006
Amendments tabled today by the Federal Government in relation to the Petroleum Resource Rent Tax (PRRT) have been welcomed by the Australian Petroleum Production & Exploration Association (APPEA).
APPEA – the peak body representing Australia’s upstream oil & gas industry – said the amendments clarified a number of areas of uncertainty within the Act and provided a clearer framework for industry participants to undertake their on-going business activities.
“APPEA looks forward to working closely with the Government in coming months towards resolving a range of other uncertainties with a view to making the Act operate in a manner that reflects the commercial environment confronting the industry today,” APPEA’s Chief Executive, Ms Belinda Robinson, said today.
The amendments tabled today will enact the decisions previously announced in the 2005/06 Federal Budget that are designed to modernise the PRRT regime.