Sunday 2 October 2022 02:06 PM Australian oil and gas giants pay extra $9billion in tax after fleecing ... trends now

Sunday 2 October 2022 02:06 PM Australian oil and gas giants pay extra $9billion in tax after fleecing ... trends now
Sunday 2 October 2022 02:06 PM Australian oil and gas giants pay extra $9billion in tax after fleecing ... trends now

Sunday 2 October 2022 02:06 PM Australian oil and gas giants pay extra $9billion in tax after fleecing ... trends now

Australia's gas and oil exporters will be forced to cough up an extra $9billion in taxes after a scathing report recently revealed five major players in the industry hadn't paid income tax for the last seven years.

Multinational giants will almost triple their financial contribution to the federal and state governments this financial year after years of sending huge profits offshore using perfectly legal accounting tricks.

The gas export sector is expected to fork out an estimated $13.87 billion in 2022-23 – up from $4.8 billion last financial year, according to Australian Petroleum Production & Exploration Association (APPEA) forecasts.

More than half ($7billion) will be in corporate income tax, along with an extra $500 million in petroleum resource rent tax, $860 million in state royalties and $690 million in excise.

APPEA has stressed final revenues will be subject to changing economic conditions, including fluctuating prices and foreign currency rates.

Australian gas and oil exporters will cough up an estimated $13.87 billion in taxes and royalties 2022-23, compared to just $4.8 million in 2021-22 (pictured are technicians at Chevron)

Australian gas and oil exporters will cough up an estimated $13.87 billion in taxes and royalties 2022-23, compared to just $4.8 million in 2021-22 (pictured are technicians at Chevron)

The additional taxes and royalties will help bankroll public roads, schools and hospitals.

'These forecasts demonstrate some of the direct financial value to the economy and the Australian public of long-term taxation settings that underpin these large, capital-intensive and complex projects,' APPEA chief executive Samantha McCulloch said.

'The taxation profile of the LNG industry is evolving with changing economic conditions, including higher than forecasted prices.

'The industry is on a much faster track to make up the losses accumulated during the construction of these complex and capital-intensive projects, bringing forward timeframes for tax payments.

She added gas exporters were delivering huge economic benefits for Australians while helping customers across Asia reduce emissions.

'The Federal Government estimates Australia's LNG has the potential to lower emissions in importing countries by around 166 million tonnes of carbon dioxide annually by helping them switch from higher-emissions fuels – this is equivalent to about a third of Australia's annual emissions,' Ms McCulloch said.

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