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Tuesday, August 16, 2016 10:03:51 PM
BHP Billiton fighting $522m tax demand
BHP’s corporate affairs head Tony Cudmore and tax chief Jane Michie face a grilling by senators.
Michael Roddan
Business Spectator
12:08PM April 27, 2015
BHP Billiton has been hit with a $522 million bill that the tax office says it owes for tax avoidance through its Singapore marketing operations.
http://www.theaustralian.com.au/business/news/bhp-billiton-fighting-522m-tax-demand/news-story/46de30b50472d902e27b1f23a75f13ee
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BHP Billiton finance chief denies Singapore tax-dodge deal
By business reporter Sue Lannin
Updated 23 Sep 2015, 5:55pm
BHP Billiton has defended its tax-paying record amid allegations it avoided paying tax by channelling sales through its Singapore marketing office.
http://www.abc.net.au/news/2015-09-23/bhp-billiton-denies-corporate-tax-minimisation/6798768
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The Panama Papers: The files reveal the darker side of the BHP Billiton merger
Apr 4 2016 at 11:45 PM Updated Apr 5 2016 at 5:41 AM
BHP has stressed it remains committed to a target of 290 million tonnes and is now confident
it can reach it without splashing cash on upgrading its port facilities. Bloomberg
by Neil Chenoweth
The Mossack Fonseca files .. http://www.afr.com/news/policy/tax/the-panama-papers-bhp-billitons-faceoff-with-mossack-fonseca-20160329-gntasr .. raise questions about the 2001 merger between South African miner Billiton Plc and BHP Ltd— beginning with how dependent the British arm of the big miner has become on tax-free profits from its Singapore marketing hub to pay dividends.
By 2013, BHP Billiton's tax-free profits from its Singapore marketing hub were able to pay for a quarter of the dividend paid to shareholders of its British-listed Plc company.
Senior BHP Billiton executives dismissed the comparison and told The Australian Financial Review that merging with Billiton had been critical to the group's huge growth in the last decade. It had allowed BHP to spin off its problematic steel-making division while still having sufficient capital to borrow against, to finance the huge iron ore and petroleum investments held in the Australian arm of the group.
Yet the numbers are not pretty. From 2002 to 2015, the BHP Billiton declared after-tax profits of $US136.8 billion. During that period, BHP Billiton Plc, based on the old Billiton Plc, declared dividends of $US21.6 billion. .. .. more .. http://www.afr.com/news/policy/tax/the-panama-papers-what-the-files-reveal-about-the-billiton-merger-20160404-gny1fo
See also:
Panama Papers leak exposes how Vladimir Putin, Xi Jinping's friends hide money
.. with others .. http://investorshub.advfn.com/boards/read_msg.aspx?message_id=121650204
Putin's praise for Trump may mask 'conflicted' feelings, Kremlin watchers say
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=124574065
anyway.. FASCINATING! the Rich and the Famous killers and thieves.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=121650887
BHP’s corporate affairs head Tony Cudmore and tax chief Jane Michie face a grilling by senators.
Michael Roddan
Business Spectator
12:08PM April 27, 2015
BHP Billiton has been hit with a $522 million bill that the tax office says it owes for tax avoidance through its Singapore marketing operations.
http://www.theaustralian.com.au/business/news/bhp-billiton-fighting-522m-tax-demand/news-story/46de30b50472d902e27b1f23a75f13ee
---
BHP Billiton finance chief denies Singapore tax-dodge deal
By business reporter Sue Lannin
Updated 23 Sep 2015, 5:55pm
BHP Billiton has defended its tax-paying record amid allegations it avoided paying tax by channelling sales through its Singapore marketing office.
http://www.abc.net.au/news/2015-09-23/bhp-billiton-denies-corporate-tax-minimisation/6798768
---
The Panama Papers: The files reveal the darker side of the BHP Billiton merger
Apr 4 2016 at 11:45 PM Updated Apr 5 2016 at 5:41 AM
BHP has stressed it remains committed to a target of 290 million tonnes and is now confident
it can reach it without splashing cash on upgrading its port facilities. Bloomberg
by Neil Chenoweth
The Mossack Fonseca files .. http://www.afr.com/news/policy/tax/the-panama-papers-bhp-billitons-faceoff-with-mossack-fonseca-20160329-gntasr .. raise questions about the 2001 merger between South African miner Billiton Plc and BHP Ltd— beginning with how dependent the British arm of the big miner has become on tax-free profits from its Singapore marketing hub to pay dividends.
By 2013, BHP Billiton's tax-free profits from its Singapore marketing hub were able to pay for a quarter of the dividend paid to shareholders of its British-listed Plc company.
Senior BHP Billiton executives dismissed the comparison and told The Australian Financial Review that merging with Billiton had been critical to the group's huge growth in the last decade. It had allowed BHP to spin off its problematic steel-making division while still having sufficient capital to borrow against, to finance the huge iron ore and petroleum investments held in the Australian arm of the group.
Yet the numbers are not pretty. From 2002 to 2015, the BHP Billiton declared after-tax profits of $US136.8 billion. During that period, BHP Billiton Plc, based on the old Billiton Plc, declared dividends of $US21.6 billion. .. .. more .. http://www.afr.com/news/policy/tax/the-panama-papers-what-the-files-reveal-about-the-billiton-merger-20160404-gny1fo
See also:
Panama Papers leak exposes how Vladimir Putin, Xi Jinping's friends hide money
.. with others .. http://investorshub.advfn.com/boards/read_msg.aspx?message_id=121650204
Putin's praise for Trump may mask 'conflicted' feelings, Kremlin watchers say
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=124574065
anyway.. FASCINATING! the Rich and the Famous killers and thieves.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=121650887
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