Allied Gold not effected by Super Profits Tax
May 06 2010 - 3:44AM
UK Regulatory
TIDMAGLD
RNS Number : 4395L
Allied Gold Limited
06 May 2010
FOR IMMEDIATE RELEASE
6 May 2010
allied gold limited
("the Company")
Media Release
ALLIED GOLD LIMITED PROJECTS
NOT AFFECTED BY RESOURCE SUPER PROFITS TAX
On 2 May 2010, the Australian Government released the Henry Review into
Australia's tax and transfer system.
One of the key reforms announced by the Government was the proposed
implementation of a Resource Super Profits Tax (RSPT) of 40 per cent from 1 July
2012. The RSPT applies to all Australian non-renewable, natural resources
projects not already subject to Petroleum Resource Rent Tax.
Allied Gold's natural resources projects are located in jurisdictions other than
Australia and are owned by entities that are not subject to Australian taxation
legislation. Accordingly, profits generated by any of Allied Gold's existing
resource projects will not be subject to the RSPT announced as part of the Henry
Review.
In addition to the RSPT, the Henry Review recommended a number of other reforms
to the Australian taxation system. A preliminary assessment of the reforms
announced to date indicates that they are not expected to have a significant
impact on the Allied Group in its current form. The Australian Government has
indicated that it will make further announcements in the coming months in
relation to its response to the Henry Review. Allied Gold will continue to
monitor the Australian Government's implementation of the Henry Review and will
inform the market of any material impact of those changes on the Allied Gold
group.
For further information, contact:
Allied Gold Limited
Mark Caruso
Executive Chairman
T:+61 8 93533638
Frank Terranova
Chief Financial Officer
T: +61 7 3252 5911
M: +61 448 187 557
E: fterranova@alliedgold.com.au
Peter Torre
Company Secretary
T: +61 8 9287 4604
E: peter@torrecorporate.com.au
Beaumont Cornish Limited
Roland Cornish
Beaumont Cornish Limited
T: +44 (0) 20 7628 3396
This information is provided by RNS
The company news service from the London Stock Exchange
END
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