Big Tax Increase On Miners Earnings
Big Tax Increase On Miners Earnings – Opposition Leader Tony Abbott has attacked the Federal Government’s announcement to impose a new tax on mining companies as part of its much-anticipated response to the Henry tax review.
Companies will have to hand over hundreds of millions of dollars each year under the resource super profits tax announced by the Government today.
The money raised will go into cutting company tax to 28 per cent, to an infrastructure fund and new superannuation incentives.
The Government says Australians have missed out on $35 billion in the past decade because taxes have not kept pace with the mining boom.
The Prime Minister says the new tax will boost activity in the mining industry.
Mr Abbott has not confirmed whether he will block the measure in Parliament, but says he is “deeply hostile” to the 40 per cent resources rent tax.
“The most important recommendation that’s been accepted is for a $9 billion a year new tax on mining companies to fund just $3 billion a year in tax cuts for business, so what we’ve got is another great big new tax,” he said.
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