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The shine is coming off the golden age of gas

The profits based petroleum resources rent tax is only paid by a handful of oil and gas projects as resource giants claim more than $300 million in tax credits.The federal government recently tightened up the law but critics say Australia is giving it’s resources away cheaply.

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$5m pledged for ‘tax inspectors without borders’

Labor’s shadow assistant treasurer Andrew Leigh will announce $5 million in annual funding for the OECD and United Nations-led Tax Inspectors Without Boarders program which facilitates targeted tax audit assistance programs in developing countries. Primarily funded by European countries, the Paris-based program is expanding into the Asia-Pacific region, with Papua New Guinea and Vietnam acting as host administrations for specialist audit assistance services. “To date, the results are stunning. The most recent annual report found that in many cases, the ratio of revenue raised for host administrations relative to donor
costs was 100 to 1,” Dr. Leigh said.

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Tax credits for oil and gas giants rise to $324 billion

Of 138 returns lodged, only six profitable projects paid the PRRT, a profits-based tax generated from the sale of gas and oil. Critics claim Australia is giving away natural resources cheaply compared to countries such as Qatar. The Government has proposed new laws, expected to raise about $6 billion in additional revenue over 10 years.

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Multinationals told to disclose tax

Investors representing more than $US10 trillion ($14.1 trillion) in capital have thrown their weight behind a bid to force multinational companies to publicly reveal details of their tax affairs, including how much they pay to governments in the countries where they operate.

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