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Australia Strikes Down Mining Tax Print E-mail
by Tom McGregor    Wed, Sep 3, 2014, 01:29 AM

Prime Minister Tony Abbott is reducing taxes and still balancing the budget in Australia.

The BBC News reports that, "Australia's government has repealed a controversial mining tax after striking a deal with business tycoon Clive Palmer's political party. The 30% tax on mining profits on coal and iron ore was first introduced by the former Labor government in 2012."

Australia's Labour Party introduced the mining tax.

According to the BBC, "The country's Senate voted to remove the mining tax, and the bill is now heading to the House of Representatives where it is expected to pass as well. Mr Palmer's party had agreed to the move in return for certain concessions."

PM Abbott also repealed the carbon tax in July.

To read the entire article from the BBC News, link here:

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