Crossbench calls for PRRT reform

A majority of the Senate crossbench has called for an overhaul of the petroleum resource rent tax (PRRT), particularly for major offshore LNG projects.

Senators from One Nation, the Nick Xenophon Team as well as independents Jacqui Lambie and Derryn Hinch told the Guardian Australia that taxpayers are not receiving a fair share of revenue for gas resources.

The crossbench has called for a 10 per cent flat tax rate to replace the PRRT – a move that would deliver an estimated $28.4 billion over 10 years.

Last year, Treasurer Scott Morrison revealed that revenues from the PRRT have halved since 2012-13 and announced a formal review into the PRRT.

The outcome of the review is due this month, with its recommendations to be included in this years’ budget planning.

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