Think tank says Queensland gas projects not paying income tax
Richard Dinnen - Queensland Editor |
Claims that Queensland gas projects would generate billions of dollars in Federal tax revenue are yet to come true, according to public policy think tank The Australia Institute .
Industry body, The Australian Petroleum Production and Exploration Association (APPEA), said in 2012 that Queensland coal seam gas LNG companies would have paid around $11.2 billion in Federal income tax by 2020.
But the Australia Institute says they’ve paid almost none, despite combined local income of $138 billion.
Mark Ogge, Principal Adviser at the Australia Institute, said APPEA members Arrow Energy, Australia-Pacific LNG, Chevron, and ExxonMobil haven’t paid any income tax, while Santos paid just $6 million on $28.9 billion of income.
“Companies that haven’t paid any income tax are foreign owned. All the profits head straight offshore.
“Our governments should not be letting this happen. We need an overhaul of how the oil and gas industry is taxed in Australia.
“The gas companies promised us billions in revenue and instead we end up with little in our pockets and a whole lot more climate impacts.
“We trust our politicians to tax our natural resources to the benefit of all Australians, but instead some of the largest gas miners, members of APPEA, are paying absolutely nothing.
“The Federal Government is virtually giving the resource away for free, gift wrapped in subsidies, mostly to foreign-owned companies, many of whom pay little if any tax,” Mr Ogge said.
The Australia Institute claims come during the APPEA annual conference in Brisbane, with the theme Positive Energy for a Changing World. APPEA has been approached for comment.
