Australia approved tax on iron ore and coal mining

Source: BBC
The Australian Senate has passed the regulation that implies imposing 30% tax on coal and iron ore mining businesses. The new tax will generate 10.6 billion Australian Dollars in the next three years from the largest companies like Rio Tinto, Xtrata and BHP Billiton. The tax revenue will be directed to other industries of the country. The new regulation comes in force on 1 July.


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