KPMG Australia has denied media reports that
it played a significant role in influencing a controversial new
mining tax.
KPMG Econtech, an economic consulting arm of
the Big Four firm, was employed by the Australian government to
model the economic effects of the government’s Future Tax System
Review.
A key part of the tax reform has been the
introduction of the Resource Super Profits Tax, a 40 per cent tax
on mining profits that is in addition to the usual company income
tax. It is due to start on 1 July 2012.
KPMG said its modeling on the RSPT confirmed
that the proposed tax will increase the level of tax paid by the
mining industry, however it was never asked by the Australian
Treasury to comment on the policy.
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