The proposed extension of the Petroleum Resource Rent Tax (PRRT) to on shore petroleum production, raises a number of concerns.
What does PRRT stand for?
PRRT stands for Petroleum Resource Rent Tax (Australia)
This definition appears frequently and is found in the following Acronym Finder categories:
- Military and Government
See other definitions of PRRT
We have 1 other meaning of PRRT in our Acronym Attic
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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.
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.