High Court gives OZschwitz Fortescue nod to challenge mining tax - YaY!

THE federal government faces a fresh threat to its plan to return the budget to surplus after the High Court agreed on Monday to hear a challenge to the mining tax by the minerals boss Andrew Forrest.

High Court gives OZschwitz Fortescue nod to challenge mining tax - YaY! Art353hockey300x0

Following a directions hearing, the Chief Justice, Robert French, ruled there be a hearing before the full bench of the High Court for three days in March.

Mr Forrest's company, Fortescue Metals Group, argues the tax is unconstitutional. If Fortescue is successful, the government faces having a $9 billion hole blown in its budget over four years and $2 billion this financial year. These were the revenue forecasts for the minerals resources rent tax contained in the recent midyear budget update. Despite the mining tax, which began on July 1, making next to no revenue in its first three months of operation, the government is adhering to those revenue forecasts.

Read more: http://www.smh.com.au/opinion/political-news/high-court-gives-fortescue-nod-to-challenge-mining-tax-20121105-28u5h.html#ixzz2BURv9Gsf

High Court gives OZschwitz Fortescue nod to challenge mining tax - YaY!

High Court gives OZschwitz Fortescue nod to challenge mining tax - YaY!

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