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What does PRRT stand for?

PRRT stands for Petroleum Resource Rent Tax (Australia)

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  • Military and Government

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Samples in periodicals archive:

The tax deal will bring the project, which is producing about 16 million tonnes of LNG per year, under the petroleum resource rent tax but Woodside said the change will have no major impact as it is already heavily taxed under the current system with 12.
The new Minerals Resource Rent Tax will apply only to iron ore and coal projects, while a Petroleum Resource Rent Tax, currently applicable to offshore oil and gas projects, will be extended to onshore oil and gas projects, Gillard said.
Land-based oil and coal seam gas will be drawn into the Petroleum Resource Rent Tax regime, which already applies to offshore oil and gas resources, and taxed at 40 percent.
Land-based oil and coal seam gas will be drawn into the Petroleum Resource Rent Tax regime, which already applies to offshore oil and gas resources, and taxed at 40 percent.
The new tax is to be introduced in 2012 and will not apply to oil-and-gas producers operating in Australian waters, which already pay a 40 per cent petroleum resource rent tax.
The 1997 result includes a net abnormal loss of $976 million after tax which comprised: $189 million write-down of Minerals' asset portfolio, $550 million write-down of some North American copper assets, $220 million charge for plant closures and labour provisions in Steel, and a $124 million write-down of Petroleum refinery assets partly offset by an abnormal profit of $107 million from settlement of the Petroleum Resource Rent Tax issue with the Victorian Government.