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Australia Introduces Iron-Ore, Coal Profits Tax to Parliament
Nov. 02, 2011 02:09PM PST
Base Metals Investing Mining Weekly reported Australia’s mineral resources rent tax (MRRT) legislation was placed before the lower house of Parliament on Wednesday.
Mining Weekly reported Australia’s mineral resources rent tax (MRRT) legislation was placed before the lower house of Parliament on Wednesday.
As quoted in the market news:
If passed through Parliament, the MRRT would levy a 30% tax on iron-ore and coal resource profits above A$50-million from July 1 next year.
The federal government estimates that the tax will accumulate some A$10.5-billion in cash in the first two years; however, global resource intelligence firm Intierra believes that the MRRT will face an A$8-billion shortfall, only raising around A$2.5-billion in the first two years.