Australia, among the world’s biggest exporters of natural gas, will launch an inquiry into taxing oil and gas companies such as Chevron, Woodside and Santos, as the Iran war raises energy prices, bringing stability to producers.
The Senate on Monday agreed to form a select committee to investigate oil and gas taxation, with Labor senators backing the Greens’ motion.
The committee will be chaired by Greens senator Steph Hodgins-May, who last week called for a tax of at least 25 percent on gas exports – a proposal she estimated would raise about $17 billion a year in revenue.
Australia is at the center of a heated debate over whether to raise taxes on resource exports, as rising global prices due to the Middle East conflict boost profits for major producers. Some politicians, trade unions and advocacy groups have called for higher tariffs – including possible tariffs – saying exporters are benefiting from wartime price increases.
“This investigation will put the rich tax-dodging gas companies under the microscope, remove their excuses for not paying tax, and increase the pace of taxing justice in the next budget,” Greens leader Senator Larissa Waters said on Monday.
Bloomberg
