Australian stage.mining.companies win tax concessions

Mining companies in Australia have won a victory over the controversial Mineral Resource Rent first proposed last year by then-Prime Minister Kevin Rudd, Business Spectator reported:

Australia’s biggest stage.mining.companies have won a major concession over the planned new 30 per cent Mineral Resource Rent Tax (MRRT), with the government agreeing to refund any future increases in state-based royalty charges.

“The government supports the recommendation that all current and future royalties be credited, and that all levels of government should ensure the taxation of Australia’s resources preserves our international competitiveness,” Mr Swan said.

Treasurer Wayne Swan said the government agreed with the key recommendation of a mining tax transitional policy group, headed by Resources Minister Martin Ferguson and former BHP Billiton chairman Don Argus.