Mining tax passes lower house
The Federal Government’s Minerals Resources Rent Tax (MRRT) has passed the lower house in a late-night deal struck between the government and the Federal Greens.
That tax will see companies that post in excess of $75 million pay the tax, up from the original $50 million threshold after Tasmanian Independent Andrew Wilkie demanded the alterations. Mr Wilkie argued that the increased threshold would protect smaller mining companies from excessive taxation.
The Greens, who acted as the lynchpin for the bill’s passage, demanded that the Federal Government assure that the $20 million shortfall that resulted from Wilkie’s demands not be sourced from cuts to essential services such as schools and hospitals.
The bill will now be presented to Senate early next year, with the Federal Opposition vowing to repeal the tax if they take power in the next election.