THE Rudd Government is moving towards a major backdown on its $12 billion tax on resources and is now expected to increase the threshold at which its proposed super-profits levy kicks in from 6 per cent to 11 or 12 per cent.
Only three weeks after unveiling the new resource super-profits tax, the Government is preparing to lift the threshold definition of a super profit following a ferocious campaign by the mining companies,
Full story: http://www.news.com.au/business/prime-minister-kevin-rudd-to-backflip-on-mining-tax-rate/story-e6frfm1i-1225871830341
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