2nd Sep 2014 16:20
LONDON (Alliance News) - Australia's government has repealed a controversial mining tax after striking a deal with business tycoon Clive Palmer's political party, the BBC reported Tuesday.
The 30% tax on mining profits on coal and iron ore was first introduced by the former Labor government in 2012. 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, the BBC said, adding that Palmer's party had agreed to the move in return for certain concessions including freezing the government's contributions to state pensions and keeping a bonus programme for school children.
http://www.bbc.co.uk/news/business-29009479
By Steve McGrath; [email protected]; @stevemcgrath1
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