AUSTRALIA TAX LAW CHANGES SEEN BOOSTING E&P

Australia has signaled a major shift in its oil policy with tax law reforms seen as boosting frontier exploration. The country has introduced a petroleum resource rent tax (PRRT) on Bass Strait oil and gas production to replace the unwieldy excise tax system. At the same time, the government has liberalized deductibility of exploration and development costs from PRRT calculations and made other tax reforms.

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