Peter Holt

Mining tax victory in sight

LABOR is poised to win its battle to tax the profits of big coal and iron ore miners, after key independents bargained for closer checks on coal seam gas projects and a higher tax threshold.

Tasmanian independent MP Andrew Wilkie gave Prime Minister Julia Gillard his support today in return for an agreement to raise the profit threshold at which the minerals resource rent tax kicks in to $75 million, from $50 million, to ease pressure on smaller miners.

New South Wales independents Tony Windsor and Rob Oakeshott also pledged their support for the 30 per cent tax on coal and iron ore super profits, after winning concessions to address rural concerns.

The government wants to see the legislation pass through the lower house on Wednesday.

Labor still needs the vote of Greens MP Adam Bandt, whose party has a number of amendments but will back the tax so long as any changes don't erode its overall revenue take.

Read more on the Brisbane Times.

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