Windfall Tax on Gas Exports

Originally posted by west2: ↑

All,

Need to remember the oil and gas companies have invested 100's of billions into Australia in the form of LNG plants and upstream infrastructure. There have been many lean year 2015-2017, 2020. They deserve their returns during good times. Australia gas fields are complex and require high levels of engineering competency to make economically viable. We should be thanking these companies for making these investments and providing jobs,taxes and gas for Australia and a reliable energy source for our northern Asian neighbours.

Expand

Gee, no doubt you believe in Santa and the tooth fairy.
These companies ,come in here promise the world in taxation revenue streams, and don't deliver.
You wanna be a mug, that's over to you,me I see them for what they are;

" While all of the projects have made promises of large government revenues, the clearest and most
recent examples are from the Chevron operated Gorgon and Wheatstone projects. Chevron’s Draft
Environmental Impact Statement for Gorgon promised that government revenues would be so large
that they modelled the economic impact of the cut in personal income tax rates that would be
possible.
1 More recently Chevron provided an economic analysis report by ACIL Tasman to the
Senate Inquiry on Corporate Tax Avoidance that suggested $338 billion in federal government
revenue from 2009 to 2040, which includes “indirect taxation from multiplier impacts”.
2 This report
remains prominently featured on Chevron Australia’s website today.
3
The ACIL Tasman analysis forecasts direct taxation of $108 billion over the same time period with
$69 billion from Gorgon -between $1 and $1.7 billion per year- and $39 billion from Wheatstone –
between $0.5 and $1 billion per year. These estimates were produced in 2015 when oil prices had
already fallen. There is no breakdown of what proportion of those estimated payments, if any, would
be in PRRT payments.
Analysis by the Western Australian Treasury suggests that the Gorgon project will not pay any PRRT
revenue for two decades or longer
.4 This analysis is confirmed by academics and other observers
and has not been publicly contested by the companies involved or their lobby group. Given
Chevron’s historic and future efforts to aggressively avoid corporate tax payments, some of which
are being challenged by the ATO, it is doubtful that Chevron and its partners will be making corporate
tax payments on that scale on these projects
.5
If Chevron or its partners have any substantive
evidence to support these claims, it has not been made public."

Raider