Don't throw out the baby.

Prior to 1972, the income generated by a new mine was exempt from income tax for the first three years of commercial production. After a 20 year absence, the former three-year exempt period has reappeared in a number of submissions made by industry to government. Concerns about the mining industry's international competitiveness have resulted in a wide range of suggested solutions, including the restoration of the three-year exemption. Industry and government are advised to consider the costs of this solution as it could means that some potential mines would be worse off.
Prior to 1972, the income generated by a new mine was exempt from income tax for the first three years of commercial production. After a 20 year absence, the former three-year exempt period has reappeared in a number of submissions made by industry to government. Concerns about the mining industry's international competitiveness have resulted in a wide range of suggested solutions, including the restoration of the three-year exemption. Industry and government are advised to consider the costs of this solution as it could means that some potential mines would be worse off.