APPEA : Changes to oil and gas tax regulations questioned

Changes to oil and gas tax regulations queried 16000646 800487194 0 0 7039905 300

A key oil and gas industry body says proposed changes to the tax regulations may impede Australia's ability to compete with international energy providers.

Households may be interested in this news because it could influence gas prices in the future.

The Australian Petroleum Production & Exploration Association (APPEA) outlined their opinion about the proposed modifications in a submission to the Australian Government's Tax Working Group today (September 25).

Some businesses may be deterred by the changes and may decide to invest elsewhere which could cost the economy tens of thousands of dollars, the submission said. 

These modifications could have additional flow on effects for the government and the rest of the community.

APPEA chief executive David Byers said the theory behind the changes is to reduce the amount of tax a company pays which will benefit the businesses.

"However, contrived modifications to tax deductions that are introduced purely to fund a reduction in tax rate cannot be viewed as genuine tax reform," Mr Byers said.  

At the moment, these are proposed changes, but homeowners may want to keep track of these developments because they may have an impact on gas prices in the future.

Posted by Callum Fleming