The Federal Government has released the second exposure draft legislation for the Minerals Resources Rent Tax (MRRT).

 

The draft legislation outlines the framework for operation of the MMRT as well as taking into account feedback received over the first initial consultation process.

 

“We thank in particular the Resource Tax Implementation Group (RTIG), which comprises representatives from industry and the tax profession as well as government officials, for their continuing and constructive input into the draft legislation. The Treasury will continue to work closely with the RTIG in refining the legislation for introduction to Parliament,” Treasurer Wayne Swan said.

 

Mr Swan said that despite the introduction of the tax, the mining industry will continue to “power ahead” to record a $175 billion in revenue from exports.

 

“The MRRT will help Australia maximise the opportunities presented by Mining Boom Mark II, and ensure all Australians receive a fairer return from the nation's non-renewable resource wealth,” Mr Swan said.

 

Copies of the MRRT second exposure draft legislation and supporting materials are available on the Treasury website. Consultation closes on 5 October 2011.