Since 1990, when Petroleum Resources Rent Tax (PRRT) was first applied to the Gippsland Basin, Esso Australia has paid over $12 billion in this tax alone. This is on average more than $450 million paid to the Federal Government each year for nearly a quarter of a century.
When combined with corporate income tax, this equates to an effective tax rate on profit of over 50 cents per dollar over the last decade.
ExxonMobil Australia has signed up to the Australian Taxation Office’s voluntary Tax Transparency Code (TTC). Learn more.