AFR: BHP reveals $522m tax bill on Singapore sling

BHP Billiton is facing a tax bill of $522 million on its Singapore marketing operations, while further audits are continuing, the company has told the Senate committee investigating corporate tax avoidance.

The figure follows revelations by Tax Commissioner Chris Jordan last week that Rio Tinto had settled a tax assessment on its Singapore operations for more than $100 million and that BHP Billiton had received assessments for “multiple hundreds of millions of dollars.”

In a reply to questions on notice to Sam Dastyari’s Senate References Committee released on Monday, BHP Billiton said that it was contesting its $522 million tax bill, which is believed to comprise close to 10 per cent of the Tax Office’s total of taxation assessments in dispute.

The tax bill covers only the early years of the Singapore hub, while an audit continues into earnings in the last six years which were almost four times the size of profits in the period covered by the assessments.

via BHP reveals $522m tax bill on Singapore sling | afr.com.

0 Comments

Leave a reply

Your email address will not be published. Required fields are marked *