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Friday, 2 July 2010

Australia strikes deal with miners on super tax

SYDNEY: New Australian Prime Minister Julia Gillard on Friday announced a compromise deal with major mining companies over a 40 percent super tax on resource profits that helped topple her predecessor.

The tax headline rate was slashed to 30 percent for coal and iron ore profits from 40 percent, while the threshold at which the tax will kick in will be raised to 12 percent from the proposed five percent level, she said.

"I can now announce that we have reached agreement on the basic structure for minerals taxation for the future," Gillard told reporters in Canberra.

- AFP/de

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