BHP Billiton, Rio Tinto and Xstrata recently held an emergency meeting to discuss giving up its troubled Gilad reached with the Government leasing of mineral resources tax agreement. According to Australian media reports, the Australian Government and the three major mining companies is the core of debate, state and territory exploitation of the mine license tax can offset future federal mineral tax.

Health differences between protocol

BHP Billiton and Rio Tinto, agreed in June this year, the next four years an additional one billion to the Australian state of Western Australia’s iron ore mining license tax, use the money for an agreement to allow mining to offset the federal tax.

However, recently, the Government claims that only offset the existing or “planned expropriation” of the mining license tax, mining license for possible future tax increases are not included. Three miners who might fall for this in the future head of the billions of dollar bills is very angry.

Western Australia will increase long ColinBarnett royalties were determined to retain the right to tax. Girard Quedui Parliament the Prime Minister said she would never allow the states and territories to increase mining license tax, a threat to the federal tax leasing of mineral resources tax revenues.

If the federal government and three major mining companies had reached an agreement minerals tax break, not only will lead a minority Government in the next billions of tax dollar short, the entire budget will be destroyed.

Barnett also said that if the agreement break down, the government will have to find his path to fill the vacancies in Australian dollars 10.5 billion, for example, increase the corporation tax and so on. In addition, he also pointed out that even if the tax through the leasing of mineral resources legislation, but mine arrived in tax and state franchise tax on the terms mean that federal state / territory distinction, but also whether there is unconstitutional too, should be referred to the High Court to decide.

Miner unrest

BHP Billiton, Rio Tinto and Xstrata which the Big Three meeting at the recent comments are not uniform. It is reported that BHP Billiton’s response to most strongly, the company has threatened to lease from the mineral resources within the framework of tax away.

However, Rio Tinto mining concession that the tax can be found to resolve the dispute. Rio Tinto iron ore SamWalsh head, said in July the three major mining companies with the Prime Minister Gillard, the Treasurer and the Minister of MartinFerguson Swank signed the agreement has been written specifically to deal with mining license tax hike approach. “This is the basis of our current efforts of all – because this is a commitment from the government. This provision applies to all states and territories tax hike royalties were the case, I do not think there is any dispute on this.”

Institute of Chartered Accountants in Australia, a tax lawyer, said he carefully studied the rental tax on mineral resources of all the material that in the recent dispute, the miners are more tenable in law. “If you look at the new mine tax part of the main points of agreement, you will come to an agreement wording appears to support the demands of the conclusions of the miners.”

Opposition accused of playing election means

The recent federal government and three major mining companies for leasing mineral resources tax agreement friction, opposition leaders accused the government of Alberta lying in the agreement, the Government just to win elections at the expense of others.

Albert said that the mining tax Girard as a means of emergency, but needs to support his election, “this government is to scare up votes.”

Opposition spokesman on energy matters IanMacfarlane accused Girard kept his word, either, said Girard, or that the mining giant have lied in the agreement.

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