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Petroleum resource rent tax to be tightened, existing projects exempted
The federal government is planning to toughen up on allowable deductions under the Petroleum Resources Rent Tax but is expected to exempt existing projects from the new regime to avoid the creation of sovereign risk.
Sources have said the changes, to be announced at or around the May budget, will lead to increased revenue but not in the short term, including the four-year budget estimates period.
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