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Petroleum and mineral resource rent taxes: could these taxation principles have a wider application?
Citation
McLaren, J, Petroleum and mineral resource rent taxes: could these taxation principles have a wider application?, Macquarie Law Journal, 10 pp. 43-58. ISSN 1445-386X (2012) [Refereed Article]
Official URL: https://www.mq.edu.au/about/about-the-university/f...
Abstract
The Australian Government introduced a Petroleum Resource Rent Tax
(PRRT) on offshore oil and gas deposits in 1984 and since then it has
raised in excess of an additional $1 billion a year in revenue over and
above the normal company tax on income. The Australian Government
has introduced a Mineral Resource Rent Tax (MRRT) on iron ore, coal
and gas from coal seams effective from 1 July 2012. The MRRT has been
met with criticism from certain mining companies and noted economists.
However, Australia currently has a budget deficit and an MRRT is being
viewed by the government as a possible solution to balancing the budget.
A Resource Rent Tax (RRT) has been used by a number of countries such
as the United Kingdom and Norway to increase government revenue from
their ‘North Sea’ oil reserves. It would appear that this type of tax has a
number of desirable attributes, especially in relation to efficiency. Is it
now time for governments to consider a wider application of a rent tax to
other industries and resources? A ‘rent tax’ being a tax on land is now an
accepted form of taxation in many western economies such as Australia,
New Zealand and the United Kingdom. There are a number of businesses
such as the airline industry, the fishing industry, the Australian funeral
industry and the timber industry that generate an economic rent due to
their dominance in a particular business sector. This paper examines a
number of those industries and contends that, due to the super profits
being generated by these businesses, governments should consider the
imposition of a rent tax.
Item Details
| Item Type: | Refereed Article |
|---|---|
| Keywords: | Petroleum and mineral resource taxes |
| Research Division: | Law and Legal Studies |
| Research Group: | Law |
| Research Field: | Taxation Law |
| Objective Division: | Law, Politics and Community Services |
| Objective Group: | Community Service (excl. Work) |
| Objective Field: | Ability and Disability |
| UTAS Author: | McLaren, J (Dr John McLaren) |
| ID Code: | 128599 |
| Year Published: | 2012 |
| Deposited By: | TSBE |
| Deposited On: | 2018-10-01 |
| Last Modified: | 2018-11-29 |
| Downloads: | 0 |
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