TaxCorporate TaxAussie mining tax could breach treaty

Aussie mining tax could breach treaty

Mining tax could face international challenge

Foreign firms may take action against the Australian Government’s 40% mining
tax under the terms of bilateral treaties, The Daily Telegraph reports.

Australian prime minister Kevin Rudd introduced the tax last week in a bid to
curb so-called “super profits” by mining companies, which he said are owned by
shareholders outside Australia.

The Telegraph quotes Alex Baykitch, a partner in the Sydney office of Holman
Fenwick Willan, who said legal action could be take under bilateral investment
treaties (BIT) signed with nations including China.

“[This] is a classic example of a potential breach of a host state’s
obligations under a BIT”, Baykitch said.

Read the full story:
Australian
tax could breach treaty with China

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