[Land-and-Labor] Peru's Mining Tax and Australian Tax Avoiders

[lev.lafayette at isocracy.org]

"The man leading the campaign to stop the government’s minerals resource
rent tax, billionaire Andrew Forrest, has never signed a corporate income
tax cheque for any of the listed companies he has run in the past 16
years.

"He isn’t the only billionaire miner with fortuitous tax arrangements:
Clive Palmer’s tax payments remain a mystery – his Mineralogy Group files
no accounts – and Gina Rinehart’s Hancock Prospecting, thanks to
exploration costs, averaged a 10.6 per cent tax rate over a five year
period [the lowest rate of income tax for individuals is 15%]."

‘It’s not so taxing for the big miners’, Australian Financial Review, 19
Aug 2010.


Meanwhile...

Peru looks to raise $1bn with mining tax

Date: August 26 2011

Peru has announced plans to bring in $US1.1 billion ($A1.05 billion)
through higher taxes on mining, in keeping with new leftist President
Ollanta Humala's vow to raise revenues to fund social programs.

"An agreement was reached with the mining businesses for a tax of around 3
billion sol ($A1.05 billion) per year," said Prime Minister Solomon
Lerner.

Humala, who assumed office in July as Peru's first leftist president in 36
years, had promised to raise taxes on the Andean country's mining sector
to fund social spending, citing recent windfall profits from minerals.

The mining sector represented some 60 per cent of Peru's exports in 2010.

The South American country - which has large silver, copper, gold and tin
reserves - has seen record economic growth during the last decade and
growth of 8.5 per cent in the past 12 months.

But development has lagged behind the increasing wealth, and Humala was
elected in part on promises to address economic inequality.

From:
http://news.theage.com.au/breaking-news-world/peru-looks-to-raise-1bn-with-mining-tax-20110826-1jd0x.html