It has been reportedly said that mining industry is pledging to intensify its campaign against the Federal Government's planned super profits tax. Advertisements regarding the promotion of the tax have been initiated by the Government and the mining industry is being asked to pay its part.
The mining major Rio Tinto’s Chief Tom Albanese informed that mining companies will be fighting back the tax as next week they plan to demonstrate the current tax payments they do.
He also added that for the Company to go in favor of the tax, major amendments are needed in the proposed tax.
Tom Albanese also said that the resources super profits tax had affected billions of dollars of investments of the Company have been put at risk due to this.
He blamed the Government of trying to become an unwelcomed silent partner of the pre-tax profits of the Companies.
Addressing the ABC’s Inside Business Program, he said that half of the Company’s balance sheet is at risk. Mr. Albanese also expressed his resentment and denial on the positive part of government as a silent partner as he said that nobody plans for loss and it does not make a difference even if Government shares the loss.
On the other hand, Finance Minister Lindsay Tanner again said that however there prevails a possibility of some minor changes in the tax, but the “framework of the Government's plan won't be changed”.