Swan reveals mining tax revenue

8 Feb 2013, 2:17 pm   -   Source: AAP

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Federal Treasurer Wayne Swan has revealed revenue from the mining tax (MRRT) totally $126 million over the past two quarters, less than expected, he says, due to a drop in commodity prices.

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The federal government's mining tax raised $126 million in its first six months of operation. The minerals resource rent tax (MRRT) was forecast to raise $2 billion over the entire 2012/13 financial year.

"It's clear revenues from resource rent taxes have taken a massive hit from the impact of continued global instability, commodity price volatility and a high dollar," Treasurer Wayne Swan said in a statement on Friday.

This week, opposition and Greens senators voted to force Australian Taxation Commissioner Chris Jordan to reveal the amount of revenue raised.

The government had repeatedly argued, based on tax office advice, that releasing the information would be a breach of tax privacy laws.

On Friday, Mr Swan said: "The government has always supported increased transparency in our tax system and we believe any revenue from the MRRT should be published - which is why I am making this information public after it was received earlier today."

In a note to the treasurer, Mr Jordan said after receiving two quarters of revenue instalments, he had formed the view the disclosure would not breach privacy laws.

He took into account a range of factors, including the fact that the second instalment was substantially larger than the first.

Mr Jordan also considered the total number of MRRT payers, the degree of uncertainty with which such information could be used to deduce what a particular payer had paid as well as advice from the Australian Government Solicitor.

Mr Swan said government revenues across the board were down substantially.

In terms of the MRRT, he noted it was a profits-based tax that raised more revenue when profits were higher and less when they were lower.

Assistant Treasurer David Bradbury is leading the government's work to broaden transparency in the business tax system, including MRRT revenue, and remove any ambiguity from reporting requirements.

Mining Tax , MRRT

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Your Comments

Swan you're a joke

Brett - from Melbourne, 3 months ago

How much are the mining companies paying Swan and Gillard with a paper bag?

How do we believe our Treasury costing policies under Labor government?

citizen - from perth, 3 months ago

This figure shows that Labor government is stupid, Swan can not do calculations, an error is greater than 90%, this is a result of a year 5 students from Swan and Gillard. How can they cost their policies? Anyone believe a costing policy fron the Treasury. Don't blame why Liberal do not give the policy for the Treasury to cost. Stupid guys should be sacked, do they get a PhD from US website internet university? If you hold a "real" PhD you should stand by yourself.

budvv

Marty - from Perth, 3 months ago

When governments introduce something that is very unpopular, then there is a tendency for those affected to subvert the issue. Its called human nature.

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