The federal government has said that they can’t declare the tax accumulated in treasurers’ fund as a result of mining tax. The treasurer said “it is not good to disclose the tax details of individual taxpayers”. It will be a breach of the commonwealth laws to protect privacy. Various parties and crossbenchers have shown strong objection on this issue. They are demanding that government should disclose the revenue generated from the mining companies. They also commented that, if the government has not generated any revenue within six months, it cannot do so in future also.
As reported by newspaper, ‘The Australian’, BHP Billiton, Rio Tinto and Xstrata are not going to pay mining tax for the second quarter of this year. Finance minister said that the Australian taxation office has conveyed to government not to disclose any sensitive personal information on this issue. The Australian Tax office believes that doing so will be a breach of the privacy required under the Taxation Administration Act.
The real reason behind less revenue generation can be initial high costs involved in the basic ore extraction process in the mining industry. Big mining companies pay a huge amount for setting up initial infrastructure. In the end it results in very less profits, so ultimately the government is left with even lesser revenue. A lot of grants and tax deductions available under this tax are also a significant reason to believe that the government may be earning less revenue.
To know more about mining tax and other taxation related queries, please feel free to visit our webpage:
As reported by newspaper, ‘The Australian’, BHP Billiton, Rio Tinto and Xstrata are not going to pay mining tax for the second quarter of this year. Finance minister said that the Australian taxation office has conveyed to government not to disclose any sensitive personal information on this issue. The Australian Tax office believes that doing so will be a breach of the privacy required under the Taxation Administration Act.
The real reason behind less revenue generation can be initial high costs involved in the basic ore extraction process in the mining industry. Big mining companies pay a huge amount for setting up initial infrastructure. In the end it results in very less profits, so ultimately the government is left with even lesser revenue. A lot of grants and tax deductions available under this tax are also a significant reason to believe that the government may be earning less revenue.
To know more about mining tax and other taxation related queries, please feel free to visit our webpage:
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