interesting folks that no one has bothered to analyse & discuss how this new tax will ACTUALLY WORK.
assuming its identical to the resources rent tax (RRT) on petroleum production, means the company DOES NOT PAY TAX til they have used up the costs (or losses) made from a particular mine til it finally becomes a profit making venture. from this i assume as per the RRT it will be a tax on an individual mine, and if that mine takes 5 years to become profitable, and another 2 years to eat up the losses (costs of development) then no tax is paid til the 8th year.
details (ie confirmation) are difficult to find at present, but i hope to expand on this tomorrow. others please feel welcome too.
