Fortescue Metals challenges Mining Tax
Monday 25 June 2012 @ 8.12 a.m. | Taxation
Fortescue Metals Group Ltd (FMG) sued Australia’s federal government in the country’s top court over a plan to tax iron ore and coal company profits, threatening a key source of future government revenue.
In documents filed on 22 June 2012, in the High Court of Australia, Fortescue, the nation’s third-biggest iron-ore exporter, seeks a ruling declaring the Mineral Resource and Rent Tax invalid. The tax discriminates between the states, curtails their sovereignty and restricts their ability to encourage mining, Perth-based Fortescue said in the court filing.
“We have a good case for challenging the Mineral Resource Rent Tax on constitutional
grounds and we look forward to the resolution of these important issues by the High
Court,” Chief Executive Officer Nev Power said in a statement.
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