Super Profit Tax A Report

26-08-16 cheapnisha 0 comment

Super Profit Tax A Report

Abstract

This report analyses the two super profit taxes that the Australian government introduced one after the another which is the Resource Super Profit Tax (RSPT) and the Mineral Resource Rent Tax (MRRT). The report takes us through the background of the two taxes, the reason why they were created. The report also covers the key features of the taxes and the key differences.The report covers the basic reasons of getting more share of profits from mining for the people of the country and use of for the development of infrastructure of the country. The report also takes us through the opposition that the RSPT faced when introduced in parliament. The MRRT was a changed version of the RSPT which was introduced to appease all the stakeholders affected by the RSPT.Finally the MRRT was imposed, but the tax collected was not meeting targets as the companies were using tax dodging and loopholes in the system which is still being corrected by the authorities.The report concludes with learning from this imposition and the way ahead.

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