Australia's Queensland has announced plans to raise royalties on coal companies from July 1 to earn revenues and fund investment in the state's healthcare sector, The Guardian reported.
Under the existing scheme, Queensland-based coal mining companies pay a 7% royalty on the first A$100/t ($69/t) earned, 12.5% for earnings of A$100-150/t, and 15% for earnings exceeding A$150/t, which is the top tier royalties rate.
After July 1, miners will have to pay 20% for prices above $175/t, 30% above $225/t, and 40% above $300/t.
The new tax policy is expected to further pull up the prices of coal produced in the state and add to the export costs.
(Writing by Emma Yang Editing by Harry Huo)
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