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  • Petroleum resource rent tax gap

    The petroleum resource rent tax (PRRT) is a tax on profits generated generally from the sale of oil and gas products, known as marketable petroleum commodities (MPCs). It is levied over and above normal income tax payable by the owners of petroleum projects, and is paid on:

    • stabilised crude oil
    • sales gas
    • condensate
    • liquefied petroleum gas (LPG)
    • ethane
    • shale oil
    • any other product declared by regulation to be an MPC.

    The PRRT gap is an estimate of the difference between the amount of PRRT payable under the law (theoretical PRRT liability) and the amount actually collected by us (actual PRRT revenue) for a defined period, typically a financial year.

    PRRT is assessed on a project basis, which means an entity calculates its liability separately for each project interest it holds.

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      Last modified: 13 Dec 2018QC 57597