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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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Wednesday, 23 June 10
WILHELMSEN SHIPS SERVICE OPENS NEW OFFICE IN KRISHNAPATNAM PORT INDIA
Wilhelmsen Ships Service has opened a branch office in Krishnapatnam port on the east coast of India according to statement released by company ...
Wednesday, 23 June 10
PTC'S INDONESIAN COAL-MINING FORAY-I: TO INVEST USD 69 MILLION VIA OVERSEAS SPV
Moving ahead with its plans to acquire coal assets abroad, the power trading major, PTC India Limited, has decided to invest a total of USD 69 milli ...
Tuesday, 22 June 10
INDIA HAS REPORTED MORE COAL IMPORTS FROM COLOMBIA
A second consecutive week of sharp corrections for the dry bulk market, although some of the softness could be attributed to Chinese holidays at the ...
Monday, 21 June 10
THE SUPRAMAX INDEX IN THE FAR-EAST (S6 ROUTE) WAS DOWN BY $ 1300 PER DAY - VISTAAR
COALspot.com: The market continued to soften in all sectors last week also with the BDI dropping by 18.07 pct and Cape index by 26.71 pct.
The BD ...
Sunday, 20 June 10
OUR COAL: ITS DEVELOPMENT AND CONTROVERSIAL ISSUES
Indonesia’s production of coal has been growing amazingly. In the mid 1980s, national coal production was less than 1 million tons per annum, ...
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- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
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