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Montevideo, December 4th 2022 - 09:05 UTC

Tag: Minerals Resource Rent Tax (MRRT)

  • Wednesday, September 3rd 2014 - 05:55 UTC

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

    “The mining tax is now gone,” Treasurer Joe Hockey told parliament after the Senate, where minor parties hold the balance of power, voted 36 to 33 for repeal

    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%.