australia\s mining tax passes lower house
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice
Emiratesvoice, emirates voice
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice

Australia\'s mining tax passes lower house

Emiratesvoice, emirates voice

Emiratesvoice, emirates voice Australia\'s mining tax passes lower house

Sydney - AFP

Australia\'s controversial tax on the country\'s mining industry, seen by Canberra as a critical economic reform, cleared a key hurdle Wednesday when it passed through the lower house of parliament. Prime Minister Julia Gillard\'s fragile minority government gained support from the Greens to enable the Minerals Resource Rent Tax Bill 2011 to scrape through the House of Representatives after a marathon session in the early hours. It will now move to the upper house Senate before it officially becomes law. \"The vast majority of those who will be paying the MRRT understand the importance of this economic reform and support it,\" said Gillard. \"We know Australia\'s resources boom won\'t last forever. The minerals can be dug up and sold only once. \"That\'s why the government is committed to ensuring the Australian community receives a fair return from the mining boom and that we lock in the gains for generations to come.\" The tax is due to start on July 1, 2012 and is expected to generate Aus$11.1 billion (US$10.84 billion) in its first three years, which the government will put towards funding infrastructure, pensions and tax cuts for small businesses. It will kick in when a company makes Aus$75 million per year in profit, a concession the Greens won to protect smaller miners. Initially it would have kicked in at Aus$50 million. The Labor government originally wanted a 40 percent tax on all extraordinary profits generated by resources firms as the nation enjoys unprecedented demand for its vast mineral deposits, mostly from rapidly industrializing Asia. But this was scrapped in favour of a 30 percent tax only on iron ore and coal super-profits after a furious and intense campaign from the powerful and wealthy mining industry. Treasurer Wayne Swan said the tax was a critical reform to ensure the mining windfall was shared around. \"This is ... a very significant reform that owes a great deal to the determination and guts of our prime minister, because this has been hard fought,\" he told journalists. Australia is the world\'s biggest exporter of the iron ore and coking coal used in steelmaking and the second-biggest exporter of thermal coal used in power stations. The conservative opposition has vowed to repeal the tax if it wins government with critics charging that it increased sovereign risk in Australia and will drive investment offshore.  

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

australia\s mining tax passes lower house australia\s mining tax passes lower house

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

australia\s mining tax passes lower house australia\s mining tax passes lower house

 



GMT 11:03 2018 Tuesday ,23 January

No end to eyesores at Taj Mahal

GMT 10:18 2018 Thursday ,30 August

Iran incapable of closing Hormuz, Bab Al Mandeb

GMT 10:31 2014 Tuesday ,23 December

Mirages of failure: Lebanon cannot wait

GMT 04:53 2016 Monday ,16 May

English Premier League results

GMT 05:06 2024 Tuesday ,06 February

New hunt for flight MH370 gets under way

GMT 06:15 2018 Tuesday ,23 January

Volkswagen clinches record sales

GMT 13:13 2016 Wednesday ,14 December

Unarmed old man killed by police in California

GMT 15:00 2017 Wednesday ,08 March

1 killed, 2 missing due to Avalanche in French Alps

GMT 12:07 2017 Saturday ,25 February

Renault’s R.S.17 features Infiniti co-built ERS

GMT 12:52 2017 Saturday ,04 November

Belgium 'to study' Spain's EU warrant for Catalan leader

GMT 08:40 2017 Wednesday ,01 November

Miss Morocco launch her first charity program

GMT 16:26 2016 Friday ,04 November

All Black brothers in arms ready for rare double

GMT 08:21 2017 Saturday ,30 September

Al Sayed underlines economic improvement

GMT 10:27 2017 Wednesday ,13 December

Strikes kill 12 in rebel-run Yemen prison camp

GMT 10:52 2017 Saturday ,14 October

NGOs slam UN aviation agency plan
 
 Emirates Voice Facebook,emirates voice facebook  Emirates Voice Twitter,emirates voice twitter Emirates Voice Rss,emirates voice rss  Emirates Voice Youtube,emirates voice youtube  Emirates Voice Youtube,emirates voice youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

emiratesvoieen emiratesvoiceen emiratesvoiceen emiratesvoiceen
emiratesvoice emiratesvoice emiratesvoice
emiratesvoice
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
emiratesvoice, Emiratesvoice, Emiratesvoice