AUS MINING TAX PASSED

24 Nov, 2011

Australian mining tax passed lower house of parliament:

 

A controversial plan to place a 30 per cent tax on major mining companies in Australia has been passed in the lower house of the Australian parliament, and is expected to pass when it goes to the upper senate early next year.

 

The Minerals Resource Rent Tax Bill, expected to be implemented in July 2012, will apply to large mining corporations such as BHP Billiton and Rio Tinto and is the government’s way of ‘distributing wealth more evenly from Australia’s resources boom’, according to the BBC.

 

The government claims that the tax, which will help reduce tax burdens on other companies, will see mining companies pay around $11bn Australian dollars ($10.8bn; £6.9bn) during the first three years.

 

Treasurer, Wayne Swan, said: “This is a way in which all Australians share in the bounty of the mining boom.”

 

The tax is a controversial one, and has been debated hotly for almost two years.

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