Australia Plans to Impose 40% Tax on Resource Profits

[BoyRacer]

Australia Plans to Impose 40% Tax on Resource Profits -> bloomberg.com/apps/news?pid= … eW.I&pos=1

May 2 (Bloomberg) – Australia will impose a 40 percent tax on the profits of resource companies like BHP Billiton Ltd. and Rio Tinto Group to pay for infrastructure, retirement and company levy changes as part of the broadest overhaul of its tax system since the Second World War.
The government, responding to Treasury Secretary Ken Henry’s 10-year tax plan, said the resource tax would start in 2012 and raise A$12 billion ($11.1 billion) in its first two years. The move is a pre-election push to better tap into the nation’s mining boom fueled by commodities demand from China and India and comes as Prime Minister Kevin Rudd prepares for an election later this year.

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