Deloitte urges participation in White Paper process
PERTH (miningweekly.com) – Advisory firm Deloitte has advised the mining industry to get involved in the federal government’s tax reform by commenting on the White Paper process currently under review.
Deloitte partner David Ocello told the Association of Mining and Exploration Companies (Amec) Convention on Wednesday that the current taxation regime in Australia was geared against the mining industry.
“In recent years, our regulatory environment has become more complex and onerous, with the introduction of new mining taxes and the raising of existing ones.
“We have also wavered on carbon pricing and taxation, and an unfortunate side-effect of this is that we have given ourselves a reputation of government-generated risk.”
Ocella told delegates at the Amec Convention that the mining industry was well aware that there needed to be a balance between the level of taxation and incentives to encourage investment in the sector.
“If we get the balance wrong and set the taxes too high, that is self-defeating. It will reduce investment and consequently reduce growth and impact the tax base.”
Ocella advised the mining industry to use the White Paper process to push the balance in the industry’s favour, and to ensure that the mining sector had its fair share of investment going forward.
“The White Paper process is a fantastic opportunity to get involved and shape the tax reform process going forward,” he said.
The White Paper process was expected to start in the second half of 2014 and would end by the end of 2015. The process was likely to include input from other reviews currently under way, including the financial system inquiry and the White Paper on reform of the federation.
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