Sunday , June 13 2021

Health and Safety will pay the Australian tax authorities $ 529 million to help resolve the dispute over the Singapore center, Energy & Commodities

Mon, 19 November 2018 – 15:56

[BENGALURU] Health and safety on Monday said they had signed an agreement with Australian tax authorities to resolve a long-standing dispute over the global miners' operations in Singapore.

Under the agreement, the world's largest miner will spend a total of approximately USD 529 million (USD 531.2 million) of additional taxes on income for the period from 2003 to 2018, he stated in the statement.

A miner from Melbourne has already paid 328 million dollars.

The dispute concerned the amount of Australian tax payable on the sale of Australian health and safety goods to its marketing activities in Singapore.

"This is an important contract and we are pleased that we can solve this long-lasting case," said BHP finance director Peter Beaven.

In addition, OSH will increase its participation in BHP Billiton Marketing AG, which is the main company conducting mining marketing activity in Singapore, up to 100 percent from 58 percent.

The change of owner will cause all profits in Singapore from Australian health-care assets to be fully taxable in Australia, the miner added.

"(The contract) fully resolves a lengthy dispute … without adhering to tax avoidance by health and safety and ensures certainty as to future tax treatment," he said.


Source link