Mining industry is considered very
exotic worldwide. It is good for the one in the higher ranks but miserable for
some labors down in the management chain. Countries such as Russia, Brazil and
Australia have a good share of GDP coming from mining activities. Australia
also has some of its richest and billionaires who are from families doing
mineral business.
One of the positive impacts of
mining besides providing jobs is the direct and heavy impact on a country
exchequer. It is one of the most highly taxed industries. The percentage of
taxes they pay per year is staggering. Whole bodies and ministries are formed
for its regulation.
There are also tax slabs for
various minerals and metals. So for example, gold will have different tax rate
compared to coal or natural gas. This mix also ensures that a government
extracts maximum juices from such mines owners. At times it reaches the stage
of exploitation but thanks to strong unions, such cases are hardly seen.
No comments:
Post a Comment