Second Reading Speeches

Minerals Resource Rent Tax (Imposition—Customs) Bill 2011

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
43

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Summary

Part of a package of 11 bills, the bill imposes minerals resource rent tax from 1 July 2012 at a rate of 30 per cent, reduced by a 25 per cent extraction allowance which recognises the expertise and capital that mining companies bring to mineral extraction, to the extent that it is a duty of customs.