Taxpayers to pay for oil spill clean-ups under petroleum resource rent tax

Australian taxpayers will be forced to subsidise the clean-up costs of oil spills in the Great Australian Bight thanks to the terms of the controversial petroleum resource rent tax. Treasury officials have confirmed that oil companies would be able to claim a tax deduction under the PRRT for expenses incurred cleaning up oil spills. Different “uplift rates” would apply to clean-up costs depending on whether the spills resulted from exploration or production activity.
Read more: https://www.theguardian.com/australia-news/2017/feb/25/taxpayers-to-pay-for-oil-spill-clean-ups-under-petroleum-resource-rent-tax?source=Snapzu