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Windfall tax on gas profiteering as easy as PRRT

The Greens Leader Adam Bandt says a windfall tax on gas corporations profiteering from the current crisis could be imposed simply by closing loopholes in the Petroleum Resource Rent Tax (PRRT) in the government’s first budget in October.

The PRRT was designed to tax super-profits, but gas corporations figured out how to avoid paying it by building up a backlog of tax credits to the tune of a jaw-dropping $282 billion. This means that gas companies have to burn through $282 billion in profits until they start paying tax.

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Greens to make gas corporations pay their fair share of tax

On Wednesday, Greens Leader Adam Bandt and Greens spokesperson for Mining and Resources Senator Dorinda Cox will be in Karratha, WA to launch the final component of the Greens’ Tycoon Tax, which will end tax breaks for corporations undertaking offshore gas extraction in Commonwealth waters and oblige them to pay royalties on the natural resources that rightfully belong to the people of Australia.

The Greens will push the new tax in balance of power in the Senate after the next election.

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