subject: Mining Workers Threatened The Government [print this page] The mining industry has been warned not to become complacent after the federal budget failed to hit the booming sector with new revenue grabs, with fears extra tax initiatives to milk miners could be introduced later in the year.
Wayne Swan's fifth budget did not include any of the new tax hits on miners that were speculated prior to Tuesday but the Treasurer did not rule out introducing recommendations by the business tax working group and noted he had asked for the reform to continue.
The working group has canvassed phasing out accelerated depreciation for the mining, oil and gas, and aviation industries, and cutting the research and development tax concession for large companies.
The government has been considering abolishing the diesel fuel rebate for miners and has faced pressure from the Greens to abolish tax concessions for exploration.
Association of Mining and Exploration Companies chief executive Simon Bennison said the industry should not be complacent even though there were no new hits in the budget.
'Once there is a shortfall on any revenue streams the government is counting on - such as the minerals tax - to underpin its key community commitments it will introduce new initiatives to find another source of revenue,' he said. It was likely the sector could again be in the government's 'firing line' later in the year if it adopted the recommendations of the business tax working group.
Concerns about new tax grabs from the mining sector were renewed this week when the government confirmed it was expecting to raise less from the minerals resource rent tax, as it also delivered on its promise to return the budget to the black, with a $1.5 billion surplus in 2012-13.cone crusher:http://www.crusher-machine.com/4.html
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Treasury had forecast the minerals tax would generate $10.6bn over three years but the amount will be subject to myriad assumptions, including commodity prices, exchange rates and costs of extraction.
The budget papers revealed the government expected to raise $9.7bn in the next three years, but that is still more than the industry is expecting to pay.
Minerals Council of Australia chief executive Mitch Hooke said yesterday that new taxes compromised the industry's ability to deliver the investment pipeline often cited by the government as a done deal.
'It will be critical that any measures under consideration by the business tax working group flagged in the budget are the subject of detailed and intensive consultations with industry to ensure that they are not just another tax grab,' he said.
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