Until Acacia was served with $190 billion tax bill, it seemed as though Tanzania’s president wanted a new settlement with the mining companies. Now it looks as though he wants new mining companies.
The Senate Inquiry into Corporate Tax Avoidance has heard stunning evidence about the failure of the tax and royalties system to capture any of the billions being generated by new projects.
The way Australia taxes companies for gas projects now lags behind our closest neighbour, Papua New Guinea, which has reformed its tax system to ensure it gets money sooner.