The repeal of the MRRT
is a sign that Australia is open for business and serious about encouraging mining development and investment.
On March 17, Mr Abbott had promised to abolish the underperforming MRRT
and the benefits it was funding.
created considerable global uncertainty as the share prices of Australia's resources companies--some of the biggest in world--were marked down after its implementation in July 2012.
"Taxes must be imposed equally and it can be argued the MRRT
is calculated in such a way that it discriminates between states," he told The Australian newspaper.
"It's no coincidence I guess that BHP will be the largest beneficiary of exporting uranium so maybe the deal from the MRRT
continues and what we're seeing is just payback for the support of the MRRT
," The Age quoted Power, as saying.
Coal & Allied, as part of the Rio Tinto Group, looks forward to further participation in discussions with Government around the detailed design and application of the MRRT
, the company said.
However, data said the tax did not produce anything for the September quarter and a forecast by Deloitte Access Economics forecast said the MRRT
would not yield beyond a net of $500 million for the current financial year.
From the sales proceeds, Pluton will be reimbursed costs which include mining, pre-concentration, barging and transshipment, royalties (third-party and State), marketing fees, all taxes (including MRRT
, if any, but excluding company tax), capital costs, financing costs and overheads.
"The vast majority of those who will be paying the MRRT
understand the importance of this economic reform and support it," said Gillard.
Description and Location: This project involves the connection of existing MRRT
in South St.
Abolishing the carbon tax and Minerals Resource Rent Tax (MRRT
) will be a positive first step in an industry where our international competitors face no such comparable imposts.
His positions on a Flow Through Share Scheme, the MRRT
and the Carbon Tax have been resoundingly clear and courageous.