Australia’s state coffers have seen a record-high tax haul from the oil industry following amendments to tax legislation that companies used to claim higher costs and lower taxes. For fiscal 2022-23, the Australian Tax Office received A$11.6 billion in tax payments from the oil and gas industry, which is equal to some $7.
62 billion. That was up from a much more modest A$1.5 billion for fiscal 2021-22. Some companies, including Woodside and Exxon, had not paid any taxes in the fiscal 2021-2022 but after the legislative changes coughed up billions…Australia Tax Overhaul Brings in Billions From Big Oil
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