BHP Faces A$522M Tax Bill on Singapore Marketing Operations

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.

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