Australian gov't releases draft mining tax bill

17:04, June 10, 2011      

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Australian federal government has moved a step closer to bringing its planned mining tax to parliament, on Friday released its preliminary draft legislation.

The draft legislation, which is more than 170 pages long, explains how the mining tax will be levied, giving several hypothetical examples for existing projects, new projects, joint ventures and companies with several projects mining the same resource.

Miners are entitled to deductions for expenses incurred during exploration, development and the mining process itself.

The tax remains restricted to Australia's two biggest bulk commodity exports, coal and iron ore.

Mining companies and other interested parties have been given until July 14 to make any submissions about the draft legislation before its proposed 30 percent minerals resource rent tax (MRRT) to be introduced to Parliament.

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Source: Xinhua
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