Henry Report
You have got to wonder why we spent untold millions
of dollars to prepare a report that has been kept secret
for 4 months & largely ignored anyway. It was to have
reformed our whole tax system & bring us more in line
with most of the developed World. It hasn't. It has turned
into a just another tax grab. The larger mining companies
will not be happy to pay most of the $9 Billion in extra tax
& get a refund, in kind, of around $750 Million to pay for
infrastructure. Any international mining Company would
now, have to be having a very good look at moving to Hong
Kong, 16.5% or Singapore 18% tax, particularly when they
know that they are paying effectively 13% higher tax than
the big banks. I would love to be a fly on the wall at the next
Fortesque Board Meeting. It is also of note, that one of the
main reasons for the report was to get rid of as many of the
400 odd State taxes, as possible, that in many cases, cost
more to administer than they collect. It has got rid of none.
I wonder how many people in Western Australia, today, will be
discussing leaving the Commonwealth? The mining industry
of Western Australia is already paying the highest proportion
of tax in Australia & this super tax will potentially put them in
a wheel chair, when competing against their biggest
competitors in Brazil.
I think you'll find the miners will come back Innes, you are being alarmist as usual. BTW I wish I had some gold bars to stick under the bed, the Greeks are going bezerk and so is the US stock market.