Mining tax rate soars
The 2014-15 effective tax rate is the highest recorded level to date recorded by the survey. Image: 2016 MCA tax survey. By Elizabeth Fabri AUSTRALIAN miners are paying more than half their profits in taxes, according to new data released by Deloitte and the Minerals Council of Australia. The 2016 MCA Annual Tax Survey found the minerals industry faced an effective tax rate of 54.3 per cent in 2014-15; an eight percent rise from the 46.3 per cent paid in 2013-14. Minerals Council of Australia deputy chief executive David Byers said the tax ratio was the highest recorded since the survey began, and the first time it had exceeded 50 per cent. “The effective tax rate has increased markedly over…