The Conversation (0)
BHP Faces A$522M Tax Bill on Singapore Marketing Operations
Apr. 27, 2015 09:38AM PST
Industrial MetalsMineweb reported that BHP Billiton (NYSE:BHP) faces A$522 million ($409 million) in Australian tax bills on its Singapore marketing operations up to 2010.
Mineweb reported that BHP Billiton (NYSE:BHP) faces A$522 million ($409 million) in Australian tax bills on its Singapore marketing operations up to 2010.
As quoted in the market news,
The figures were released on Monday by a Senate committee that is investigating corporate tax avoidance. BHP was forced to send written responses to the panel after refusing to disclose the figures at a hearing on April 10.
The company revealed that between 2006 and 2014 its Singapore marketing business earned profits of $5.7 billion, on which it paid just $121,000 in tax in Singapore.
The company stated:
The Singapore Government has granted BHP Billiton Marketing AG a tax incentive for its marketing activities. BHP Billiton Marketing AG was awarded this incentive for its contributions to the development of Singapore’s commodities sector.