Treasury boss Ken Henry hits out on mining tax

Appearing before a Senate inquiry into fuel buy wow weapons and energy, Dr Henry dismissed reports big miners were privately telling analysts they would be only marginally affected under the new resources tax.

Dr Henry also hit out at nameless companies for failing to talk with the Federal Government about the tax, declaring some consultation had been "frankly rather pointless".

However Dr Henry, who has become a high profile Government figure since Labor came to power, was coy about his own future, declining to say if he would nominate for another term as Treasury Secretary.

Dr Henry foreshadowed Treasurer Wayne Swan would "imminently" release more information on the assumptions used to calculate the $10.5 billion minerals resource rent tax, which was substantially changed by Prime Minister Julia Gillard.

He said Treasury had not modelled the expected tax take for individual miners, but had verified company estimates for the Government.

"I can assure you that in consultations with the companies and wow gold those companies are BHP (Billiton), Rio (Tinto) and Xstrata, the companies at a very senior level assured us that they would be paying very substantial amounts of tax under the MRRT," he said.

Dr Henry also revealed the consultation process had been fraught sometimes, with some miners refusing to engage with Treasury.

"Some companies chose to do that, other companies took two weeks to even get to the point of picking up the phone and, when they did meet with the panel, refused to provide any relevant information," he said.

"I don't wish to name companies, but they know who they are. Some of the consultation therefore was of value and some of the consultation was frankly rather pointless."

Fortescue Metals Group wow gold told the Senate hearing the tax should be dumped.

The company's head of government wow items relations Deidre Willmott said it was "complex, discriminatory and a $10.5 billion impost on the resources industry".

Fu of buy wow weapons Perth Posted at 1:12 PM July 14, 2010

alquo; no one agrees to pay tax, there was not ballot saying hey tick the box of the ammount of tax you'd like to pay, if they up'd personal tax to 25% flat rate and said but 50% of the citizens agreed, that doesn't make it right as it screws hard the 49% of people under that effective tax rate today which is typically those that are strugling. The problem with the $10.5B is that is gross under the new tax, but the federal govt has to then pay back to the miners a rebate on the state royalties tax which is 5% of revenues; which sounds like they are ignoring. Also if you asume commoditiy prices rise, so will the rebate as they will be paying more to the states. So lets count the whole 10.5 as income but uhmm forget too remind people that we have to refund the royalties. sounds like a scam to me.
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