Australia PM To Announce Revised Resource Tax - Report

1st Jul 2010 22:31

SYDNEY (Dow Jones)--The Australian government is expected early Friday to announce two new tax regimes to replace the original proposal for a resource super profits tax--one for the petroleum industry and another for coal and iron ore--says a report in the Australian Financial Review. Prime Minister Julia Gillard is expected to announce the new deal struck with the major mining companies at a media conference in Canberra scheduled for 2230 GMT. The report says the new tax regime will abandon the wider scope of the original proposal and instead focus on iron ore, coal, onshore petroleum and gas. It also says "super profits" will come into effect at a much higher rate around 12%. Newspaper website: http://www.afr.com -By Sydney bureau; 61-2-8272-4680; [email protected] (END) Dow Jones Newswires July 01, 2010 17:31 ET (21:31 GMT)