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Friday, 02 July 10
PROPOSED MINERAL RESOURCE RENT TAX - PRESS RELEASE (2)
 Press Release: BHP Billiton, Rio Tinto and Xstrata said today that they are encouraged by the Federal Government’s announcement that it proposes to replace the Resource Super Profits Tax with a Mineral Resource Rent Tax (MRRT).
The mining industry has consistently stated that any tax reform needs to satisfy core principles that include ensuring that:
• any new tax is not applied retrospectively, so that existing projects where investment decisions have already been made are not adversely affected; and
• a competitive effective tax rate that will not disadvantage Australia as an investment destination.
As a result of constructive discussions, the proposed new tax will apply only to iron ore and coal resources from 1 July 2012. The companies agree that the proposal presented by the Government represents very significant progress towards a minerals taxation regime that satisfies the industry’s core principles.
The companies will continue to work constructively with Government to ensure that the detailed design of minerals taxation maintains the international competitiveness of the Australian resources industry into the future.
MINERAL RESOURCE RENT TAX HEADS OF AGREEMENT
The Design of the Minerals Resource Rent Tax
The new resource tax will apply from 1 July 2012 only to mined iron ore and coal. All other minerals are excluded.
The rate of tax will be 30% applied to the taxable profit at the resource.
Taxable profit is to be calculated by reference to:
• The value of the commodity, determined at its first saleable form (at mine gate) less all costs to that point
• An extraction allowance equal to 25% of the otherwise taxable profit will be deductible to recognise the profit attributable to the extraction process. (i.e. this to only tax the resource profit)
• Arms length principles on all transactions pre and post first saleable form.
MRRT is to be calculated on an individual taxpayer’s direct ownership interest in the project.
There will be no MRRT liability for taxpayers with low levels of resource profits (i.e. $50m per annum).
All post 1 July 2012 expenditure is to be immediately deductible for MRRT on an incurred basis. Non-deductible expenditure will be broadly consistent with PRRT.
MRRT losses will be transferable to offset MRRT profits the taxpayer has on other iron ore and coal operations.
Carried-forward MRRT losses are to be indexed at the allowance rate equal to the LTBR plus 7 percent.
The MRRT will be an allowable deduction for income tax.
All State and Territory royalties will be creditable against the resources tax liability but not transferable or refundable. Any royalties paid and not claimed as a credit will be carried forward at the uplift rate of LTBR plus 7 percent.
Starting Base
The starting base for project assets is, at the election of the taxpayer, either:
• Book value (excluding the value of the resource) or
• Market value (as at 1 May 2010).
All capital expenditure incurred post 1 May 2010 will be added to the starting base and depreciated against mining operations from 1 July 2012. “Project assets” for the purpose of the MRRT will be defined to include tangible assets, improvements to land and mining rights (using the Income Tax definition).
Where book value is used to calculate starting base, depreciation will be accelerated over the first 5 years. The undepreciated value will be uplifted at LTBR plus 7 percent. Where market value is used to calculate starting base, there will be no uplift and depreciation will be based on an appropriate effective life of assets, not exceeding 25 years.
Any undepreciated starting base and carry forward MRRT losses are to be transferred to a new owner if the project interest is sold.
Source: Press Release Rio Tinto
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Thursday, 08 July 10
KPCL RECEIVES 8 QUALIFIED BIDS TO SUPPLY 500,000 MT OF COAL
COALspot.com: Indian state utility KARNATAKA POWER CORPORATION LIMITED has opened price bid yesterday.
According to a participant, the quo ...
Thursday, 08 July 10
DRY BULK MARKET STILL PLUNGING, NOW STANDING AT 14 MONTH LOWS
The dry bulk shipping market’s demise isn’t over yet, as the industry’s main benchmark, the Baltic Dry Index (BDI) has been on a f ...
Wednesday, 07 July 10
MACQUARIE SEES CHINA COMMODITIES PRICE FALLS AND CUTBACKS AHEAD - MINEWEB
MineWeb reported that, The research arm of Australia's Macquarie Bank - one of the most reliable of China watchers - in its latest briefing on Chin ...
Wednesday, 07 July 10
COAL PRICES ON THE RISE
Caixin online reported that, China's domestic coal prices have seen a 26.2 percent year-on-year rise in May. Meanwhile, the volume of coal im ...
Tuesday, 06 July 10
INCREASE IN DRY BULK SPOT FIXTURES UNABLE TO BOOST RATES, LOSING STREAK CONTINUES
Yet another week began on a negative note for the dry bulk shipping market, with the Baltic Dry Index posting its 28th straight losing daily session ...
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- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Planning Commission, India
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- McConnell Dowell - Australia
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
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