Rio Tinto criticises Canberra tax plans
Tuesday 04 May 2010
Rio Tinto yesterday criticised a controversial new resource tax imposed by the Australian government, saying it could erode the country's competitiveness, curtail investment and limit jobs growth. Prime Minister Kevin Rudd announced at the weekend that a 40 per cent tax on profits at the big mining companies would be introduced in 2012, raising an additional A$9bn (£5.5bn) a year.
Shares in Rio Tinto fell 4.3 per cent, and rival BHP Billiton gave up 3 per cent by the market close in Australia yesterday. David Peever, managing director of Rio Tinto Australia, said the company had concerns about the tax and the "apparently arbitrary" level.
"Taxing 40 per cent of profits over the long-term bond rate, together with corporation tax, would make the Australian minerals sector the highest taxed in the world, seriously eroding competitiveness," he said.
- 2 Question Time's 'passionate highlander' is the William Wallace of the Better Together campaign
- 3 PornHub begs users to stop uploading video clips of Brazil getting beaten 7-1
- 5 The true Gaza back-story that the Israelis aren’t telling this week
Instagram of US airport security chiefs: Lipstick knives and IED training kits among items seized
Game of Thrones author George RR Martin says 'f*** you' to fans who fear he will die before finishing Westeros saga
Question Time's 'passionate highlander' is the William Wallace of the Better Together campaign
Israel-Gaza crisis: Eight killed in Gaza Strip cafe while watching World Cup semi-final
Supermoon 2014: When and why will the moon look bigger and brighter this summer?
Sustained immigration has not harmed Britons' employment, say government advisers
Australia facing international condemnation after turning around Sri Lankans at sea
7/7 memorial defaced on anniversary of 2005 attacks with ‘Blair lied thousands died’ graffiti
Even when it brutalises one of its own teenage citizens, America is helpless against Israel
Socialist Worker called to apologise over ‘vile’ article saying Eton schoolboy Horatio Chapple's death is ‘reason to save the polar bears’
There’s a nasty smell in the political air – and it’s coming from the Tories
iJobs Money & Business
£300 - £350 per day + competitive: Orgtel: My client, a leading bank, is curre...
£28000 - £32000 per annum + pension, 25 days holiday: Ashdown Group: A highly ...
Negotiable: Randstad Education Birmingham: Randstad Education are seeking a Fi...
£12 - £15 per hour: Cameron Kennedy Recruitment: Excellent opportunity to join...