Australia’s Super Profits Tax on Resource Companies Leads to Immediate Fall-Out
Australia sent the major miners into a tailspin overnight.
The Rudd government announced Sunday night that it will impose a new "resource super profits" tax on mining, oil and gas, geothermal and other resource extraction in the nation.
Under the scheme, resource companies will pay a 40% tax on profits. Implementation is scheduled for July 1, 2012.
The fall-out was immediate.
Full article at: Resource Companies tax