Australia dilutes its mining tax

first_img Australia dilutes its mining tax Show Comments ▼ KCS-content whatsapp Thursday 24 March 2011 8:54 pm Tags: NULL Share AUSTRALIA’S booming mining companies including BHP Billiton and Rio Tinto have won a major concession over a plan to tax their profits, potentially saving them hundreds of millions of dollars and helping cool industry opposition to the tax. Australian treasurer Wayne Swan said yesterday the national government would repay current royalties that the miners pay to state governments, and refund any future royalty increases imposed by mining states. The controversial 30 per cent tax on iron ore and coal mines with annual profits of $50m (£30.9m) or more is due to start in the middle of next year, and should raise $7.4bn in its first two years. Smaller mining companies, however, led by Fortescue Metals Group, remain strongly opposed to the tax, and continued to criticise the deal with the global companies despite the latest compromise. “It was a tax designed by BHP,” Fortescue’s billionaire chief Andrew Forrest said.“Policy should be broad ranging, it should be fair and it should be based on the constitution of being equal among states and equal among companies. That hasn’t happened here. BHP has literally written a tax for everyone else to pay,” he said. whatsapp More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comlast_img read more