Adani to pay no company tax despite $1bn revenue from Queensland coalmine
Indian conglomerate Adani will pay no company tax despite generating nearly $1 billion in revenue from its Carmichael thermal coal mine in Queensland over the past year. The company offset its $963.5 million revenue with large production and related-party logistics expenses to report a $340.6 million loss, which eliminated its tax obligation. This outcome contradicts Adani's earlier promises to contribute billions in taxes and royalties from the mining operations.
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Adani to pay no company tax despite $1bn revenue from Queensland coalmine
Indian conglomerate Adani will pay no company tax despite generating nearly $1 billion in revenue from its Carmichael thermal coal mine in Queensland over the past year. The company offset its $963.5 million revenue with large production and related-party logistics expenses to report a $340.6 million loss, which eliminated its tax obligation. This outcome contradicts Adani's earlier promises to contribute billions in taxes and royalties from the mining operations.
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