Australia Govt seeks industry views on new mining tax
Metal Recycling News | 2011-06-10 09:29:07
Australia Government have moved another step ahead to 30% mining tax, releasing draft laws and seeking responses from the resource companies. The new tax is expected to be passed later this year.
By Paul Ploumis
CANBERRA (Scrap Monster): Australia Government have moved another step ahead to 30% mining tax, releasing draft laws and seeking responses from the resource companies. The new tax is expected to be passed later this year.
The law was unveiled a year ago however, with a higher mining tax rate of 40%. The decision spurred concerns among the major mining players including BHP Billiton, Rio Tinto, and Xstrata and forced them to launch a public campaign against it.
The AUD 20 million campaign against the tax law, ahead of elections last year, led in part to the ousting of former prime minister Kevin Rudd.
However, the industry agreed to reducing tax to 30% and accepted the fact that the government was clear in its intent to implement the law, and earn huge revenue of estimated AUD 7.7 billion, in its first two years.
The biggest point of difference now involves valuation of multiple tenements within a project, as their classification as a single or multiple projects will influence tax levels…. read more on this
