Australia scraps contested mining tax; major win for Abbot's conservatives

Wednesday, September 3rd 2014 - 05:55 UTC

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Australia on Tuesday agreed to scrap a contested resources profits tax after the government struck a surprise deal with crossbench senators, including mining tycoon Clive Palmer. The Minerals Resource Rent Tax (MRRT) was introduced by the previous Labor administration in 2012, with a levy on annual profits above 70 million dollars on iron ore and coal at a rate of 30%. Read full article

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Klingon
I wish I could bitch about my tax and get it scrapped!
Sep 03rd, 2014 - 12:37 pm - Link - Report abuse 0
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Heisenbergcontext
It was an ill-conceived law and poorly timed as well. They rushed it through without considering all the implications - not the least of which included taking on BHP & Rio Tinto.

By the time it became law the mining companies were spending lots of money on infrastructure and other investments which, combined with lower profits, meant much lower tax receipts. And then came the Carbon Tax. And now we have a buffoon - Palmer - holding the balance of power. I'm sure there's a moral somewhere in all of this...
Sep 04th, 2014 - 06:42 am - Link - Report abuse 0
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