Reuters reported that Australia moved closer to introducing a contentious 30% mining tax being eyed by other countries, releasing draft laws and seeking reaction from resource companies to legislation expected to be passed later this year.
The government unveiled the mining tax over a year ago but modified its plan before last August elections after global miners including BHP Billiton, Rio Tinto and Xstrata launched a public campaign against it.
Big miners and minority lawmakers are now broadly supportive and the legislation is expected to pass parliament and take effect on July 1 2012. Treasury forecasts the tax will reap AUD 7.7 billion in its first two years helping the budget return to surplus by fiscal 2012/13.
Mr Wayne Swan Treasurer said "These reforms will ensure Australians receive a better return from their non-renewable resources and will help strengthen our economy through increased superannuation, new and better infrastructure, and business tax cuts."
Greens lawmakers who will control the balance of power in the upper house Senate from July this year said they would try to harden the tax to reap more from miners, but would not threaten passage of the legislation by insisting on changes.
A Greens party spokeswoman said "It (the draft) will provide a good opportunity to improve the mining tax."
Resource sector fury over the tax and a AUD 20 million campaign against it ahead of last year's cliff-hanger elections led in part to the ousting of former prime minister Kevin Rudd and a minority government for Ms Rudd successor Julia Gillard.
Private consultations with miners over the past few months helped iron out differences over the tax, which applies only to coal and iron ore, but some sticking points remain before the bills go to parliament, after a second drafting round.
The biggest point of difference now involves valuation of multiple tenements within a project, as their classification as a single or multiple projects will influence tax levels and the value of projects that can be shielded from the tax.
The tax point for underground coal mines is also a sticking point as the government is resisting any costly concessions after Western Australia state raised royalties, threatening to cause a AUD 2 billion national budget hole.
Mr Martin Ferguson Resource Minister has promised miners reimbursement for future state royalties, in exchange for acceptance of the tax. But BHP and Anglo Coal are arguing that mine sites straddling multiple exploration or production permits should be treated as a single project, helping them claim tax breaks.
Some big miners have complained the tax would damage Australia sovereign risk reputation, although the government has pointed to a pipeline of planned resource projects totaling AUD 173.5 billion. (sourced from Reuters)
The government unveiled the mining tax over a year ago but modified its plan before last August elections after global miners including BHP Billiton, Rio Tinto and Xstrata launched a public campaign against it.
Big miners and minority lawmakers are now broadly supportive and the legislation is expected to pass parliament and take effect on July 1 2012. Treasury forecasts the tax will reap AUD 7.7 billion in its first two years helping the budget return to surplus by fiscal 2012/13.
Mr Wayne Swan Treasurer said "These reforms will ensure Australians receive a better return from their non-renewable resources and will help strengthen our economy through increased superannuation, new and better infrastructure, and business tax cuts."
Greens lawmakers who will control the balance of power in the upper house Senate from July this year said they would try to harden the tax to reap more from miners, but would not threaten passage of the legislation by insisting on changes.
A Greens party spokeswoman said "It (the draft) will provide a good opportunity to improve the mining tax."
Resource sector fury over the tax and a AUD 20 million campaign against it ahead of last year's cliff-hanger elections led in part to the ousting of former prime minister Kevin Rudd and a minority government for Ms Rudd successor Julia Gillard.
Private consultations with miners over the past few months helped iron out differences over the tax, which applies only to coal and iron ore, but some sticking points remain before the bills go to parliament, after a second drafting round.
The biggest point of difference now involves valuation of multiple tenements within a project, as their classification as a single or multiple projects will influence tax levels and the value of projects that can be shielded from the tax.
The tax point for underground coal mines is also a sticking point as the government is resisting any costly concessions after Western Australia state raised royalties, threatening to cause a AUD 2 billion national budget hole.
Mr Martin Ferguson Resource Minister has promised miners reimbursement for future state royalties, in exchange for acceptance of the tax. But BHP and Anglo Coal are arguing that mine sites straddling multiple exploration or production permits should be treated as a single project, helping them claim tax breaks.
Some big miners have complained the tax would damage Australia sovereign risk reputation, although the government has pointed to a pipeline of planned resource projects totaling AUD 173.5 billion. (sourced from Reuters)
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