Share on Google Plus Share on Twitter Share on Facebook Share on LinkedIn Share on PInterest Share on Fark! Share on Reddit Share on StumbleUpon Tell A Friend

Printer Friendly Page Save As Favorite View Favorites (# of views)   2 comments
General News

Australia's Super Profits Tax on Resource Companies Leads to Immediate Fall-Out

By       Message OilGuy     Permalink
      (Page 1 of 4 pages)
Related Topic(s): ; ; ; , Add Tags Add to My Group(s)

View Ratings | Rate It

opednews.com

Australia sent the major miners into a tailspin overnight.

The Rudd government announced Sunday night that it will impose a new "resource super profits" tax on mining, oil and gas, geothermal and other resource extraction in the nation.

Under the scheme, resource companies will pay a 40% tax on profits. Implementation is scheduled for July 1, 2012.

The fall-out was immediate.

BHP announced it expects its effective tax rate to rise to 57%, from a current 43%. Citigroup said the new rules could cause the effective tax rate for northern Australia's large liquefied natural gas projects to rise by several percent.

Stocks were down nearly across the board.

Next Page  1  |  2  |  3  |  4

 

- Advertisement -

View Ratings | Rate It

I have an interest in the financial markets, commodities and Geopolitics.

Share on Google Plus Submit to Twitter Add this Page to Facebook! Share on LinkedIn Pin It! Add this Page to Fark! Submit to Reddit Submit to Stumble Upon



Go To Commenting
/* The Petition Site */
The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Writers Guidelines

Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
Related Topic(s): ; ; ; , Add Tags

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

Africa's Increasing Importance in Worldwide Energy Security Affairs

The Myth Of Nabucco: Greed, Delusion and $11.4 Billion

Government Insiders: Get Ready for the Gulf Dead Zone

They Died Before the Oil Ran Out

The Great Geopolitical Battle Over Energy Transit Routes

Canada's Oil Sands Set to Become Biggest Source of U.S. Oil Imports, Report Says