CEOs concerned over Aussie tax

Worried over the impact of a proposed carbon tax on mining activities by Australia on imports, India on Monday expressed hope that an acceptable solution would be found to resolve the issue. According to media reports, the Australian government plans to impose a 30 per cent tax on big mining companies. It will go into effect in July 2012, and will apply to mining giants such as Rio Tinto and BHP Billiton. "It is a matter of concern for every industry in the mining sector. We are hoping the Australian government will find acceptable solution to the issue - mining resources rent tax or carbon tax," Jindal Steel and Power Chairman and M D Naveen Jindal told reporters after the first meeting of India-Australia CEOs Forum. India is one of the biggest importers of coal from Australia. The forum, launched last year, was co-chaired by Jindal from Indian sides and Lindsay Fox AC from Australian side. It aims at enhancing trade and commerce between the countries.