Woodside expects taxes to rise in 2022
PERTH (miningweekly.com) – Energy major Woodside on Thursday revealed that it paid more than A$13-billion in Australian taxes and royalties since 2011.
In 2021, the company paid A$658-million in taxes and royalties to the Australian Commonwealth and state governments, which included A$333-million in corporate income tax.
Woodside said that tax for 2022 is expected to be "significantly higher". From January to October 2022, Woodside has already paid more than A$2-billion in taxes and royalties, including A$700-million in corporate income tax and A$700-million in Petroleum Resource Rent Tax.
Woodside CEO Meg O’Neill said the company had made a significant contribution to Australia’s tax revenue over the past decade.
“Woodside is proud of the contribution we make to the communities where we live and work and we do the right thing when it comes to paying our taxes. As one of Australia’s largest taxpayers, Woodside is subject to the Australian Taxation Office’s Justified Trust Program, designed to assure that companies are paying the right amount of tax.
“We actively participate in several ESG rating indices and our transparent approach to tax reporting is reflected in our inclusion within the leading group, relative to our industry peers.
“Woodside values the trust of all our employees, joint venture partners, contractors, suppliers and customers, and we know that transparency and accountability are core to maintaining that trust,” she said.
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