Mining And Petroleum Industry And Its Taxation System Essay

2294 Words10 Pages
Subject: Taxation
Topic: Mining and Petroleum

Table of Contents

Mining and Petroleum industry and its taxation system in New Zealand, India and Australia.

What is Mining
Mining is the process of extraction or removal of minerals and metals from earth such as manganese, tantalum, cassiterite, copper, tin, nickel, bauxite, iron ore, gold, silver, and diamonds.

What is Petroleum
Petroleum is a dark oil consisting mainly of hydrocarbons. It is also known as Crude, Crude oil, Rock oil, and Fossil oil

Above mentioned all three countries are more or less engaged in Mining and petroleum industry, with the help of the table prepared below we can get an idea regarding each country’s contribution towards this industrial segment.

Rankings of New Zealand, India and Australia for Mining and Petroleum industries
Countries World rankings Production(bbl/day)
India 20 978,000
Australia 30 478,000
New Zealand 62 50,000

*Above rankings are based on petroleum and other liquid products (i.e. biofuels, liquids derived from coal and oil shale, and refinery gain) produced by the countries for the year 2014.

From this table we can certainly analyse that in comparison of these three countries India is the highest participating country in Mining and petroleum industry, Australia possesses the 2nd place and New Zealand is at the bottom.

Now we will see briefly that what is the system of taxation of this industry for each of these respective countries and then

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