15 May 2024
Australia cracks down on North West Shelf royalties
Publication date: 01 December 2016
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The Australian national audit office has launched a probe into the collection of royalties from North West Shelf (NWS) oil and gas operations after “significant shortcomings” were found in the framework, the body said this week.
NWS producers reported AUD 19.7 billion (USD 14.5 billion) in sales in the second half of 2015, as well as nearly AUD 2 billion (USD 1.5 billion) in royalty payments, but the system for calculating and collecting taxes is far from ideal, the office reported.