India brings to light carbon tax issue with Australia
India CEOs, led by Forum co-chair Naveen Jindal, conveyed concern over the proposal of the Australian Govt to inflict a 30% tax on big mining companies. The act come into effect in July 2012 and will apply to mining giants.Indian CEOs have latched on with their Australian counterparts the matter of imposition of carbon tax on mining activities in Australia and has conveyed the desire that a resolution would be found to settle the issue. Nevertheless, the Australian side has also conveyed concern over the fresh mining law purported in India that entails profit sharing by mining companies to the tune of 26% to tribal development fund. These issues was taken up at the first meeting of the India-Australia CEOs Forum held in New Delhi.
Both sides also expressed the desire that the negotiations for the Free Trade Agreement (FTA) would be concluded shortly to put in place a apparatus for improved economic engagement b/w the two nations.