View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
May 23, 2010

KPMG Australia explains role in tax reform

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.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A roundup of the latest news and analysis, sent every Wednesday.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to International Accounting Bulletin