Friday, February 08, 2013

And the mining tax has raised... $126m

From Swan:

"Today, the Australian Tax Office has provided the Government with combined Minerals Resource Rent Tax revenue figures for the first two quarters of the 2012-13 financial year.

Combined revenue from the first two quarters of the MRRT totalled $126m.

It’s clear revenues from resource rent taxes have taken a massive hit from the impact of continued global instability, commodity price volatility and a high dollar.

Revenues across the board are down very substantially - MRRT is a profits-based tax that raises more revenue when profits are higher and less when they are lower.

The Government has always supported increased transparency in our tax system and we believe any revenue from the MRRT should be published – which is why I am making this information public after it was received earlier today.

The Assistant Treasurer is leading the Government's work to broaden transparency in the business tax system, including in relation to MRRT revenue, and remove any ambiguity from reporting requirements.

The information being released today was provided by the ATO following recent collections after it was satisfied disclosing two quarters’ instalments would not breach taxpayer confidentiality provisions of the Taxation Administration Act 1953.

The information provided by the ATO today is attached.

Senator Mathias Cormann has the background:

The government's MRRT kept shrinking. We were told by the government that they expected the MRRT to raise:

· $4 billion this financial year when the Prime Minister and the Treasurer first signed the MRRT Heads of Agreement,

· $3 billion this financial year in the most recent budget,

· Just $2 billion this financial year in the most recent Mid-Year Economic and Fiscal Outlook

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