Right-wing billionaire mining magnate Clive Palmer says communist China will have a better resource profits tax system than Australia if the federal government proceeds with its Resource Super Profits Tax (RSPT).
Mr Palmer, a long-time supporter and bankroller of the Liberal National Party in Queensland, says the policy is reminiscent of tax regimes "tried by communists and socialists".
"It will mean communist China will have a far better tax system for resources than Australia," he told The Courier-Mail.
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"This is very bad for the country. It is a very sad thing.
"I paid $70 million in tax last year, quite happily."
Mr Palmer says the RSPT will force investment offshore.
He says his next project will be in Papua New Guinea.
"You pay half the tax there that you pay here," he says.
He says Treasurer Wayne Swan is planning to penalise an industry responsible for a huge amount of Australia's export earnings.
