Australia on Wednesday launched a sweeping review of its petroleum tax regime, as low oil and gas prices squeeze government revenue and delay recovery of some US$200 billion of investment in LNG infrastructure over the past decade. The review will look at the petroleum resource rent tax (PRRT) regime, crude oil excise and other associated royalties. Its launch follows a recent report from the National Audit Office that found errors in the way royalties were levied on the Woodside-operated North West Shelf LNG project off Western Australia.
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