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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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Friday, 02 July 10
MINERALS RESOURCE TAXATION IN AUSTRALIA - PRESS RELEASE
Press Release : Rio Tinto acknowledges the Australian Government’s announcement that the Resource Super Profits Tax (RSPT) proposal will be re ...
Thursday, 01 July 10
TATA POWER TO RAISE US$300 MILLION THROUGH ITS COAL SPVS TO FUND ADDITIONAL ACQUISITIONS AND / OR REDUCE OUTSTANDING DEBT
Stock Markets Review reported that, Tata Power, India’s largest private power player has signed an agreement to raise US$300 million in Bhira ...
Thursday, 01 July 10
HELLENIC SHIPPING NEWS POLL: THE BDI WILL STAY ABOVE 3,000 POINTS IN THE SECOND HALF OF 2010
When Hellenic Shipping News Worldwide prepared June’s poll asking readers about where do they think that the Baltic Dry Index (BDI) will range ...
Thursday, 01 July 10
PANAMAX MARKETS CONTINUE TO DROP IN ALL BASINS - FEARNLEYS
Handy
Atlantic rates continue to slide with little activity. Supras open in USG get low 30´s to Med and mid 40´s to FEast. Hmax/Supra ...
Wednesday, 30 June 10
PTBA TO SUPPLY ADDITIONAL 180 MLN TONS OF COAL TO PLN FOR 20 YEARS
COALspot.com: Indonesia's state-owned coal mining company PT Tambang Batubara Bukit Asam Tbk (PTBA) has entered into a new contract with state owne ...
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- PowerSource Philippines DevCo
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
- Economic Council, Georgia
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
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