Unlike Australia, Norway has kept their resource extraction wealth in their control without it fattening up a capitalist exploiting of finite mineral resources. Norway has a 78% tax on oil and gas revenues – unlike Australia, where the effective tax rate is a mere 13%. $60bn from gas sales to continental Europe is annually deposited in the Norwegian sovereign wealth fund. The fund has 5.11 trillion Krone (AU$930bn), or twice Norway’s GDP. theguardian/commentisfree/2014/feb/19/mining-tax-its-time-for-all-australians-to-realise-they-are-being-ripped-off
Posted on: Fri, 04 Jul 2014 09:59:46 +0000
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