News Formal

The government is jacking up taxes on the gas industry. What's set to change, and how much money will it bring in?

  • 📰 abcnews
  • ⏱ Reading Time:
  • 14 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 9%
  • Publisher: 83%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

The gas industry is being hit with jacked-up taxes. What's changing?

Currently companies can deduct their capital costs from 100 per cent of their project income.That leaves 10 per cent of income that can be hit with the PRRT.Treasurer Jim Chalmers said it is a modest change that strikes the right balance between getting more revenue out of the sector, without harming its viability."But we also want to recognise that we want to see investment in the sector, we want to see supply out of these projects.

The chief executive of gas industry body APPEA, Samantha McCulloch, said they're pleased to have an outcome they can work with. The front page of Monday's West Australian newspaper featured the headline "IT'S A TAX ON WEST AUSSIES".

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 5. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Tight employment market puts heat on small businessSmall business will be included in electricity bill relief measures announced in Tuesday’s federal budget, Treasurer Jim Chalmers confirmed.
Source: FinancialReview - 🏆 2. / 90 Read more »