MCA criticises proposed new mining taxes in the Northern Territory

In a statement, the MCA said that its submission to the NT Government on the Bill and Regulations outlines a series of so-called cost recovery measures and non-refundable financial assurance levies which it believes will unfairly tax miners and undermine the future of communities across the Territory.

The mining tax will also include additional taxes to fund routine paperwork and advice traditionally paid for by government departments.

The MCA said these taxes will be imposed on top of existing taxes paid, including AUS$350 million in annual royalties, and despite the NT’s mining companies complying with all environmental and mine rehabilitation regulations.

It added that these new taxes will drive up the cost of doing business in the Territory and put at risk the government’s plan to kickstart economic and population growth.

The statement concluded by arguing that the Bill in its current form will result in more red and green tape, making it more difficult for major projects to proceed and endangering high-paying mining jobs in communities throughout the Territory.

Read the article online at: https://www.globalminingreview.com/finance-business/21012019/mca-criticises-proposed-new-mining-taxes-in-the-northern-territory/