MRRT raises A$126m in 2012/13 H1 revenue
PERTH (miningweekly.com) - Amid a push for more transparency around the revenues raised by the minerals resource rent tax (MRRT), federal Treasurer Wayne Swan said on Friday that his department was working to broaden transparency in the tax system, and “remove any ambiguity from reporting requirements”.
The Australian Taxation Office on Friday told the government that the MRRT had raised revenue of A$126-million for the first two quarters of the 2012/13 financial year.
This was compared with the forecasted A$2-billion in revenue expected for this year. Swan had also stuck to his guns on future predictions for the MRRT, saying that it would raise some A$9-billion over the next four years.
“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,” Swan said in a statement on Friday.
“Revenues across the board are down substantially – MRRT is a profit-based tax that raises more revenue when profits are higher and less when they are lower.”
Speaking on the Treasury’s promise to be more transparent in its reporting, Swan noted that the federal government had always supported increased transparency in its tax system and believed any revenue from the MRRT should be published.
“Which is why I am making this information public after it was received earlier today,” Swan said.
However, the Australian Liberal party claimed that Swan’s promises to release more data regarding revenues raised by the MRRT were “breathtaking in their insincerity”.
“He has spent the last two-and-a-half years desperately keeping all the MRRT revenue detail secret. He is still playing for time now, desperately trying to avoid revealing how much his failed MRRT has raised,” the opposition party said.
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