Adani to pay no company tax despite $1bn revenue from Queensland coalmine
Indian conglomerate offsets earnings from Carmichael mine to report $340.6m loss, after promising billions in taxes and royalties Get our breaking news email , free app or daily news podcast Indian conglomerate Adani will pay no company tax despite generating almost $1bn in revenue from coal mining in Queensland over the past year. Financial accounts show the Carmichael thermal coal operations…
Indian conglomerate Adani has announced it will not pay any company tax, despite generating nearly $1 billion in revenue from its coal mining operations in Queensland. Financial figures reveal that the Carmichael thermal coal business incurred substantial costs, such as production expenses and logistics related to related parties, which offset its $963.5 million in revenue during the 12 months ending March 31. Consequently, the company recorded a loss of $340.6 million for the year, eliminating its tax obligation.
Written by urgent.news from The Guardian's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
