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Essay / Research Paper Abstract
This 4 page paper was written in July 2010 and reviews the potential tax to be introduced by the Australia government on the mining industry and the impact that this may have in the industry. The bibliography cites 7 sources.
Page Count:
4 pages (~225 words per page)
File: TS14_TEaumining.rtf
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Unformatted sample text from the term paper:
seen in areas such as Greece the government also has to find ways of raising revenues to support investment that need to be made (Fiscor, 2010). One of the controversial
proposition put forward was to tax the super profits made by the resource companies that operate on Australian soil, effectually this means the mining industry (Smith, 2010). The initial plan
was for the tax to start in two years with a tax of 40% on the super profits (Smith, 2010). Super profits were to be defined as the profits over
6% net profit (Anonymous, 2010). This would have a significant impact on all of the mining industries, increasing significantly the tax burden, with the proposals expected to raise an additional
A$9 billion revenue in 2013/4 (Smith, 2010). The aim was to use the funds created to reduce the overall level of cooperation tax by 2% down to 28% which may
help to stimulate investment and ease the burden on the majority of firms in the economy as well as provide funds for the use for infrastructure development as well as
for improving pensions (Smith, 2010). Arguments from the mining industries ensued; increased taxes and lower profits would mean that Australia would become less attractive and that Australian firms would
be at a disadvantage to firms that they compete with in the international arena and that Australia would also become less attractive as an area for further investment and since
the announcement for the tax more than $186 billion of investment has been put onto hold (Anonymous, 2010). The tax is argued has hinder cash flow and causing difficulties for
the mining industry, if it goes ahead, along with this mining company shares have suffered as a result of the announcement (Smith, 2010, DIB, 2010). With this increased taxation it
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