The 30 percent Minerals Resources Rent Tax (MRRT) in
Australia requiring
mining companies to pay tax when their annual profits reach $75 million, a measure designed so as not to burden small businesses, raised only A$126 million in the first two quarters since it was introduced in July 2012 by
Australia's federal government, in contrast to A$2 billion expected for the full year, according to local media reports.
The reports suggest that the revenue from the
mining tax is likely to remain modest unless there is a significant spike in coal and iron ore prices.
The
mining tax in question caused controversy among Australian miners with Fortescue applying to the High Court of
Australia against MRRT on constitutional grounds,
as SteelOrbis previously reported.