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Treasurer Wayne Swan has come under fire over the MRRT's meagre revenue take

Mining tax 'beyond redemption': Fortescue

The high costs of compliance with the Minerals Resource Rent Tax are destroying confidence and threaten to push investment offshore, industry leaders have told a Senate committee hearing in Perth.

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If you summed up all the costs associated with compliance on behalf of the mining companies, together with the ATO's costs of collecting the MRRT (estimated at $50m this year) it would far outway the small amount collected. In other words the MRRT has a cash negative contribution as well as damaging our reputation as a low risk political location to undertake projects.

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