Australian Treasurer Wayne Swan published in June draft legislation for the Labor government's Minerals Resource Rent Tax, a new tax the Australian federal government is to start collecting on iron ore and coal company operating profits from July 2012. The MRRT has a headline rate of 30% and is to be levied on mine-gate prices for coal and iron ore produced from individual resource projects, but after subtracting investment costs, an extraction allowance and other offsets, the effective net tax rate is 22.5%."The draft legislation is not exhaustive and is intended to provide stakeholders with an early overview of the legislation. The government intends to release a second and final exposure draft for public consultation later in the year," said Swan. The Treasurer added that the mining tax was "crucial to maximize the opportunities presented by Mining Boom Mark Two, and will ensure all Australians receive a fair return from the nation's [non-renewable] resources."
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