November 4th, 2011

Tensions mount as MRRT debate begins

03-Nov-2011 by AAP Dan Wilkie
Parliament has begun debating legislation for the minerals resource rent tax, amid calls from Andrew Forrest for the federal government to reveal the scale of deductions given to the big miners, and vocal lobbying from business groups and small cap miners demanding exemptions from the tax.

A group of small and medium-sized miners met with independent MPs in Canberra today to explain their opposition to the tax.

Magnetite Network executive director Megan Anwyl said magnetite producers would continue to persist with efforts to gain an exemption from the mining tax.

“It is not logical to impose a new compliance burden on an industry that, in the Minister’s own words, will be liable for little or no tax,” Ms Anwyl said.

“Many projects are actively seeking finance and if there’s no tax revenue to be had, why include magnetite at all?

“Not only do magnetite companies face significant and unnecessary compliance costs, but the mining tax, in addition to the carbon tax, compounds investor uncertainty and causes negative sentiment.”…

For more go to WA Business News website