RE: Strength?"MEDIA: Australian Government Surrenders on Resources Tax
Posted: 30 Jul 2010 05:45 PM PDT
After months of vocal objection, the Australian mining industry has secured a major backdown from the federal government on its proposed resources super profits tax (RSPT), which has been greatly watered down and given a new name in the process. The new minerals resources rent tax (MRRT) is a 30% tax solely on coal and iron ore producers with profits exceeding $50m. All other commodities producers will remain under existing tax arrangements. This effectively narrows the number of companies affected by the tax from around 2,500 to 320."