Local Business

Australian Prime Minister Kevin Rudd claimed to have discussed the policy of increasing taxes to mining companies and 40% believe the number is right, but still reap the rejection of the business community.

“Ministry of Finance has been discussing the details, implementation, and policy changes with relevant parties, including the nearly 100 companies,” Mr. Rudd said in an interview on Australian Broadcasting Corp. radio today.

Yesterday the Australian Finance Minister Wayne Swan released the projected budget surplus target in 2012 and 2013, including a surplus of tax revenue with the new policy.

Meanwhile, BHP Billiton Ltd. and Rio Tinto Ltd., the largest mining company first and third in the world, said the profit tax rates which became effective in 2012 it will damage investment and limit the growth of employment in that industry.

Rudd will be following the upcoming elections in 11 months. He suggests raising taxes on mining policy, which was launched on May 2 is a response to changes in the tax system 10 years Finance Minister Ken Henry.

She added that the policy will provide for the equitable sharing of employers in the mining sector, and the Australian people. The mining sector contributes an average of 9% to the gross domestic product (GDP) in Australia per year.

Tax revenue, he explained, will be used to construct roads, railways, and ports, fund deficit caused by corporate tax cuts, and cash assistance to low-income workers to increase retirement savings.

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