MINING giant BHP Billiton says the proposed tax on resource super profits should be leived on the value of minerals alone and vary commodity by commodity.
"Today BHP Billiton met with the Resource Tax Consultation Panel advising the Australian Government on its proposed super tax on the Australian resources sector," BHP Billiton said.
"BHP Billiton conveyed to the panel that the proposed super tax has been designed in a way that has the unintended effect of dramatically slowing investment in Australia and putting the future prosperity and employment prospects of all Australians at risk."
It said the proposed tax lacked four key principles of sound tax reform.
Any new tax needed to be prospective in application, ensure the overall tax burden was competitive, vary by commodity and be levied on the value of minerals alone, the global miner said.
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"BHP Billiton conveyed to the Resource Tax Consultation Panel that the proposed tax does not recognise how investment decisions are made in the industry and would place Australia in an uncompetitive position globally," the company said.
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