The Budget and Economic Policy Statement of 2013 reiterates the willingness of the government to implement a windfall tax on mining profits. The windfall profit tax was introduced in the Budget and Economic Policy Statement of 2012 and was debated, but not implemented, by Parliament in 2012. The 2012 proposal was that all entities engaged … Read more
There have been developments in the US and the EU in relation to the implementation of requirements for reporting by extractive industries on government payments. The new EU Directive (Directive 2013/34/EU) requiring the disclosure, on a project by project basis, of payments to governments by companies operating in the extractive (oil, gas and minerals) and … Read more
The Federal Government’s 2013-2014 Budget (the Budget) contains a number of changes to existing tax rules some of which are expected to have adverse implications on the mining sector. Changes to accelerated tax depreciation arrangements The Federal Government announced immediate changes to Australian tax laws which impact income tax deductions available to mining companies. The … Read more
