Twiggy says politicians lack understanding of mining tax

Andrew “Twiggy” Forrest says the “complete lack of understanding” of politicians about the proposed mining tax has shocked him.

Forrest made the comments to reporters yesterday when he was in Canberra to brief government, opposition and independent members about the new draft laws of the mining tax.

The head of Fortescue Metals Group (FMG) has been vocal about his disagreement with the minerals resources rent tax (MRRT), saying it favours the three big miners – Rio Tinto, BHP Billiton and Xstrata – and does a disservice to smaller Australian companies such as his.

"For me the lack of understanding of that critical fact has been both a shock to the people I’ve briefed and a shock to myself,” he told reporters.

"Far from being a fairer share for all Australians of Australia’s resources, it’s almost the complete opposite.”

The FMG boss, who is soon to step down in the company to (position) to concentrate on other projects, including his Generation One campaign, has vowed to take his fight with the government over the tax to the High Court if it is not altered.

Last week Forrest got into a nasty political argument with Federal Resource Minister Martin Ferguson, with both trading racism accusations over the treatment of foreign and local companies.

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