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
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 used large costs – including production and related party logistics expenses – to offset its $963.5m revenue in the 12 months to 31 March. This resulted in a recorded $340.6m loss for the year, erasing its tax bill.
Guardian Australia analysis of company accounts shows the mining project has never paid corporate tax after opening in 2021, despite past pledges by Adani that the operations would plough billions of dollars in taxes and royalties into the economy.
