Min­ing taxes show healthy in­creases

North West Telegraph - - News - Tay­lar Amonini

The Aus­tralian gov­ern­ment is en­joy­ing re­newed min­ing prof­itabil­ity as the sec­tor sees its high­est con­tri­bu­tion to es­sen­tial ser­vices since the boom in 2011-12.

In an anal­y­sis by Deloitte Ac­cess Eco­nom­ics com­mis­sioned by the Min­er­als Coun­cil of Aus­tralia, it was found that Aus­tralian min­ing com­pa­nies paid $12.1 bil­lion in com­pany tax in 2016-17, al­most four times as much as the pre­vi­ous fi­nan­cial year.

It also found min­ing com­pa­nies also paid $11.2 bil­lion in roy­al­ties in 2016-17, mak­ing a to­tal of $23.3 bil­lion in rev­enue to Fed­eral and State govern­ments.

Min­er­als Coun­cil of Aus­tralia in­terim chief ex­ec­u­tive David By­ers said the fig­ures showed Aus­tralia’s min­er­als sec­tor paid its fair share of com­pany tax and roy­al­ties.

“This means that min­ing com­pa­nies are es­ti­mated to have paid one in ev­ery $5 of Aus­tralia’s com­pany tax take,” he said.

“The in­crease in com­pany tax pay­ments is driven by stronger com­mod­ity prices and hence prof­itabil­ity in 2016-17.

“The in­crease in roy­al­ties fol­lows a sig­nif­i­cant in­vest­ment in new pro­duc­tion over re­cent years, which is de­liv­er­ing a strong div­i­dend to the States from roy­al­ties which are based on pro­duc­tion.”

The in­crease fol­lows a pre­vi­ous study from Deloitte Ac­cess Eco­nom­ics re­leased in Jan­uary which showed min­ing com­pa­nies paid an ef­fec­tive rate of 51 per cent in 201516 in com­pany tax and roy­al­ties.

This means that min­ing com­pa­nies are es­ti­mated to have paid one in ev­ery $5 of Aus­tralia’s com­pany tax take. David By­ers

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