- CNTV English - CCTV News

Australia announces new resource tax system

07-02-2010 15:41 BJT

Watch Video

Play Video

Australian Prime Minister Julia Gillard has announced a new arrangement for the taxation of resources.

The system scraps a 40 percent resource super profits tax, instead implementing a minerals resource rent tax at a rate of 30 percent.

Gillard says the new arrangement will allow the nation to move forward after being stuck on the question for quite some time.

The government has also excluded all commodities from the tax apart from iron ore and coal, easing industry fears about the potential impact on base metals projects.

The new taxation arrangements are planned to begin on July 1st, 2012. They will apply only to the value of the resource rather than the value added by the miner, thus allowing the miners to claim back against depreciation of the assets.

Wayne Swan, Australian Deputy Prime Minister, said, "We have achieved a profits based tax in the mineral sector. We've done that with consensus. I think that's a very substantial achievement."

However, the new measures come at a cost, garnering 1.27 billion US dollars less revenue than the previously-announced resource super profits tax.

Gillard says that despite this, Australia will get a fairer share of mining wealth.

Julia Gillard, Australian Prime Minister, said, "This will deliver better returns for the resources that Australian own and it can only be dug up once. It will end uncertainty and division. It will invest a portion of the value of our resources into better superannuation for our people."

Friday's agreement ends a two-month brawl with the resources sector which contributed to Kevin Rudd's ousting as prime minister.

A policy transition group, led by Resources Minister Martin Ferguson, will oversee the development of a more detailed version of the plan.


Editor:Zhang Pengfei |Source:

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program