Thursday, April 12, 2018
Australian mining companies paid a record AUD12.1bn (USD9.4bn) in company tax in 2016-17, according to research published by the Minerals Council of Australia.
The Minerals Council has published research conducted on its behalf by Deloitte Access Economics, which considered the tax and royalties paid by Australian mining companies.
This figure is almost four times as much as that recorded for 2015-16, and is the highest since the mining investment boom in 2011-12. The Council attributed the increase to stronger commodity prices and therefore improved profitability.
The Council said that mining companies also paid AUD11.2bn in royalties in 2016-17. When combined with the AUD12.1bn in company tax paid, this brings mining companies' total revenue contribution to AUD23.3bn, double that of the previous year.
The Council said also that over the 12 years between 2005-06 and 2016-17, mining companies paid AUD203.6bn in company tax and royalties.