Last month's Federal budget announcement by Federal Treasurer Wayne Swan to change exploration deductions and thin capitalisation rules is of serious concern to the exploration and mining industry, according to the Association of Mining and Exploration Companies (AMEC). AMEC chief executive Simon Bennison said the Commonwealth was trying to squeeze more revenue from the mining sector under cover of protecting the corporate tax base by closing loopholes exploited by a few businesses to avoid paying their fair share of tax.
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