Australian Government Close To Mining Tax Compromise - Report

29th Jun 2010 22:42

SYDNEY (Dow Jones)--Australian Resources minister Martin Ferguson and Treasurer Wayne Swan were seeking support from miners including BHP Billiton Ltd. (BHP) Tuesday for a compromise deal on the resource super profits tax that could be announced as soon as today, says a report in Wednesday's Australian Financial Review. The paper says the reworked tax would sharply reduce the impact on existing projects, while raising the level at which the tax takes effect, allowing an immediate write-off for new capital expenditure, and allowing the taxing point to be positioned closer to extraction In return, miners will lose some of the rebates and write-offs offered under the original proposal, the report says, without naming its sources for the story. Newspaper website: http://www.afr.com -By Sydney bureau; 61-2-8272-4680; [email protected] (END) Dow Jones Newswires June 29, 2010 17:42 ET (21:42 GMT)