Treasurer Jim Chalmers says there will be no increase to the GST but cleared the ground for a vote in parliament on lifting revenue from gas and oil.
Labor has set up another policy clash with the Greens by unveiling a draft law to recoup $2.4 billion from gas exporters, while naming big global companies as the “most fertile ground” for broader tax reform.
Chalmers said the changes to the petroleum resource rent tax , released in draft form on Monday, should be backed by the Coalition and the Greens because it would increase revenue without hurting export customers. The changes to the PRRT aim to increase revenue by $2.4 billion over five years by capping deductions for big exporters such as Chevron, Shell and Woodside following years of calls from the Greens and others for a higher tax on gas exports worth $92 billion in the year to June.following the surge in gas prices worldwide as a result of the Russian invasion of Ukraine, but the government is asking the minor party to back the more modest increase when it is put to the Senate.
“Now those same corporations are using the Liberals to get their golden deal through parliament with some side benefits along the way.” “It needs to be on the table, what we’re calling for is comprehensive tax reform,” Westacott said of changes to the GST.
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