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The taxman cometh

May 25, 2010 - 00:00 GMT

KEYWORDS: super tax , Australia , BHP , Rio Tinto

Those immersed in the build up to the UK general election last month can be forgiven for seeing the word ‘tax’ in the headline of the newspapers and turning the page. Certainly for many, ‘tax’ has been exhaustively used.

David Cameron and Nick Clegg, the new duo at the helm of the UK government, have talked about “unavoidable” tax rises and that the country now has to pay for the sins of irresponsible banks.

Germany and France renewed their vows on a multi-national bank tax as the euro continues its downward spiral, and even Fifa football’s world governing body were sparring with bidders for the 2018 and 2022 World Cups over tax issues. Indeed tax has never been so taxing.

But as most are aware now from the political rhetoric from the world’s leaders, we are now entering an era of economic responsibility and with the wings of the banking system being clipped, it appears the mining sector is next in line.

All material subject to strictly enforced copyright laws. © Euromoney Institutional Investor PLC.


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