Tax Policy Reforms 2019 by OECD

Author:OECD
Language: eng
Format: epub
Tags: taxation
Publisher: OECD Publishing
Published: 2019-09-05T00:00:00+00:00

Increases in resource rent taxes

Australia made changes to its petroleum resource rent tax (PRRT). The scope for the excessive compounding of deductions will be limited by lowering “uplift rates”, which oil and gas project apply to deductions that are carried forward and that compound over the life of a project. In addition, onshore projects will be removed from the PRRT regime. The objective is to prevent oil and gas companies from transferring their exploration deductions to profitable offshore projects to reduce the PRRT they owe. Overall, these changes are expected to raise AUD 6 billion over the next ten years.

Norway also raised its resource rent taxes. In Norway, the reduction in the standard CIT rate (see above) is offset for companies under the petroleum and hydropower tax regimes by corresponding tax increases. The resource rent tax for hydropower companies is increased by 1.3% to 37%, while the special tax rate on petroleum is increased by 1% to 56%.

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