The ongoing speculation surrounding the Henry Tax Review and its potential recommendations are damaging the mining industry, the Association of Mining and Exploration Companies (AMEC) has said.
Speaking to MINING DAILY, AMEC spokesperson Darren Brown said that current speculation that the Henry Tax Review will make recommendations to scrap State based mining royalties and introduce new environmental taxes is irresponsible and unwise.
Selective leaking of parts of the review by the State Government does little to benefit the industry and further destabilises investor confidence, Brown said.
“Ill-informed speculation about what might or might not change as a result of the Henry Tax Review only serves to further undermine already vulnerable investor confidence.
“The Federal Government should release the whole report, as there needs to be an open debate on what the new tax laws may do,” Brown told MINING DAILY.
He explained that if the Henry Tax Review does recommend changes to the mining royalties systems or “new so-called environmental taxes”, then the Federal Government needs to layout all the available options and consult the industry itself prior to attempting to change the current processes.
The current view is that the Government is releasing sections of the report to gauge the response from the industry before releasing a formal response.
The Federal Government needs to release the report in full, Brown said.